At his Wednesday evening address to a Joint Session of Congress, President Biden opened a new front in his war on small businesses by announcing a slew of new tax increases that would punish job creators. The proposed tax hikes are part of Biden’s new American Families Plan, a $1.8 trillion spending blowout that rewards his union donors who contributed $27.6 million to get him elected.
Biden's latest tax plan says it will shield some businesses from higher taxes if they're passed along to heirs. Experts want more details.
President Joe Biden reintroduced the $2.25 trillion American Jobs Plan or "infrastructure" proposal Wednesday that would drastically alter American business.
The plan would increase US capital gains taxes and the top marginal income tax rate.
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The president wants to boost the tax rate on investment returns for the wealthy in order to pay for his massive education and child care plan.
Pelosi told MSNBC Biden's infrastructure plan is "transformative" and his proposed tax increases to fund the plan will put the US on a better path.
Paired with the president's proposed tax hikes on corporations and the rich, it's a legitimate attempt to combat the wealth-hoarding that is fraying the fabric of our society.
The president says tax hikes for the wealthy and corporations are a fundamental part of creating a fair economy. McConnell insists they're off the table.
Biden’s proposals will only be the starting point in negotiations and lawmakers will have their own ideas.