The Biden administration is set to propose a series of tax increases for wealthy Americans and large corporations, Bloomberg first reported and Axios has confirmed.
Driving the news: The new budget request to Congress, which is to be released on Thursday, includes a 25% minimum tax on the richest 0.01% of Americans.
What we know: The new budget would close a loophole that allows some wealthy investors with “passthrough businesses” to avoid paying tax on their investments.
- It would also increase the top tax rate for Americans making $400,000 a year to 39.6% from 37%, reversing a Trump-era tax bill.
- Additionally, it would raise income levies on corporations and billionaires.
- The Budget would set the corporate tax rate at 28%, still well below the 35% rate that prevailed prior to the 2017 tax law, according to a White House official.
What’s next: The administration is scheduled to hold a briefing on the proposal Thursday morning.
Related posts
purchasing cialis online LTP essential for fear memory encoding may be intact, but that the induction rules for these essential forms of plasticity have been changed in Fmr1 KOs due to altered non Hebbian plasticity i