Who Will Be The Biggest Losers From Biden’s Tax Hikes?

Who Will Be The Biggest Losers From Biden’s Tax Hikes?

Fresh on the heels of a major political victory with the passage of the $1. 9 trillion American Rescue Plan, the Biden administration is now looking ahead to an even more ambitious agenda that it hopes will modernize the country's crumbling infrastructure, revitalize domestic manufacturing, promote climate initiatives and combat income inequality. Reports surfaced last week that Biden's aides are preparing two massive spending proposals worth a combined $3 trillion or more. Unlike the most recent stimulus bill, which prompted complaints from many Republicans because it was paid for almost entirely with new federal debt, the new proposals are expected to be financed in large part with tax hikes“”the ones Biden proposed while campaigning would raise $2. 4 trillion between 2021 and 2030, according to the Tax Policy Center. National Economic Council deputy director Bharat Ramamurti summed up Biden's tax strategy this way in an interview with Bloomberg TV: "The president believes strongly that the biggest corporations and those folks who have done extremely well over the last several decades should pay a bit more." Biden's campaign proposals provide a preview of what that might look like. Biden is a proponent of raising the corporate tax rate from 21% to