President Biden Wants Tax Dollars:
- Increase capital gains tax from 20% to 39.6%
- 20% minimum income tax on billionaires
- Quadruple the tax on corporate stock buy backs
- Raise medicare tax for $400,000+ annual earners from 3.8% to 5%
Plan to Target High Earners
While most of Biden's tax rate hikes are targeting high earners and or corporations, this surely will trickle down and effect more than the high net worth individuals or corporations.
Proposal Not Likely To Pass
Many predict that this proposal will is doomed and unlikely to pass in the Republican-controlled House of Representatives.
We hope you enjoyed our brief and to-the-point update on Biden's proposal,
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