Do You Support a Biden Tax Increase? Take Our Poll

Mandatory Credit: Photo by Erin Scott/UPI/Shutterstock (11804181f)U.
Erin Scott/UPI/Shutterstock / Erin Scott/UPI/Shutterstock

President Biden is expected to announce major federal tax hikes, the first in 30 years, which will probably be announced as part of the next big legislation bill- the infrastructure package.

The proposed tax hikes would include raising the corporate tax from 21% to 28%. Other key measures would reportedly increase the income tax rate on people making more than $400,000; expand the estate tax; pare back tax preferences on pass-through businesses such as limited-liability companies; and set up a higher capital gains tax rate for individuals making at least $1 million, according to Bloomberg, citing people familiar with the plan.

We want to hear from you: What do you think about these hikes? Do you think it will help shrink the wealth gap?

More From GOBankingRates

Share this article:

Make Your Money Work for You

About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
Learn More

Best Bank Accounts for September 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.