The President of the United States, Joe Biden A. Increase taxes For the wealthy, as reported by Bloomberg.
The news agency reports that the US president will suggest nearly doubling the income tax, to 39.6% for those who earn $ 1 million or more. Currently this rate is 20%.
In addition, an additional tax is assessed on investment income. With this, the federal tax rates for Investors It can be as high as 43.4%.
As shown, a 3.8% tax will be retained on the investment income that funds Obamacare or Affordable Care Act. This would “raise the tax rate on income from financial assets above the maximum rate on wage income.”
An estimate from the Urban-Brookings Center for Fiscal Policy, based on Biden’s election program, suggests that an increase in this tax would raise about $ 370 billion over a decade.
According to Bloomberg, Joe Biden is expected to announce this proposal next week as part of the Increase taxes To finance social spending in the next plan for American families.
It is worth noting that Biden’s economic stimulus plan includes: $ 1.5 trillion US Dollars In expenditures and tax breaks for items such as general pre-school education, extended childcare benefits, the National Paid Leave Program, and free education at community colleges.