Biden’s tax-the-rich plans – By Hans Nichols (Axios) / April 23 2021
President Biden in the next few days will unveil eye-popping new tax rates for the wealthiest Americans —a top marginal income tax rate of 39.6% and a capital gains rate of 43.4%.
Why it matters: The proposal, to be announced ahead of Biden’s address to Congress next Wednesday, is an opening bid for Hill negotiations.
- “For New Yorkers, the combined state and federal capital gains rate could be as high as 52.22%. For Californians, it could be 56.7%,” Bloomberg News reported.
- The Dow closed down more than 300 points after the plans leaked.
Practically and politically, the White House needs buy-in from Congress to pay for social spending in the next phase of his plan to reshape the American economy, the American Families Plan.
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