President Joe Biden is all set to announce his first-ever major federal tax hike, since the year 1993.
The shocking announcement comes after signing a mega COVID relief plan worth $1.9 trillion, mentioned sources. Moreover, the new deal aims to fund all of the president’s long-term economic plans that involve tackling areas like infrastructure, education, as well as climate.
On the other hand, experts predict that his next package could go as far as reaching an amount that lies somewhere in between a whopping value of $2 to $4 trillion.
Moreover, Republicans are all set to pounce over the new proposal while painting the Democrats as a ‘party of tax increases as they attempt to take away a majority of the share in Congress.
Meanwhile, the shocking news of Joe Biden’s tax hikes comes as the president prepares to kick-start a massive cross-nation tour where he aims to promote his $1.9 trillion COVID themed relief bill that he just signed on Thursday.
The mega stimulus package makes US history for its staggering amount but it’s raising plenty of eyebrows as the plan will involve a number of tax increases that include repealing some parts of former president Donal Trump’s tax laws from 2017.
Trump’s decision allowed so many Americans to see more value in their paychecks.
In the same way, Donald Trump’s major tax cuts also allowed so many Americans to receive more value in their take-home pay with an average increase of around $90 worth of tax returns, from the year 2017 to 2018.
Biden plans to kick start his country-wide tour by promoting his new package with great enthusiasm, where reports mentioned how the White House will also go about ensuring that he receives due credit for all the benefits that come included in the new bill.
Next, experts spoke about how Biden plans to get another major and pricey funding bill approved that will reportedly address climate, education, as well as infrastructure too.
However, many feel that the president’s next move would blow away any chances that lawmakers had towards reaching a possible bipartisan deal on the subject of infrastructure.