The Daily Populous Wednesday April 28th, 2021 evening edition
Authored by businessinsider.com and submitted by Barack_Odrama00

President Joe Biden will propose new taxes on corporations and the wealthy to pay for his agenda, Axios reported.

The taxes are intended to cover more than $4 trillion in new spending on infrastructure and health care.

Biden is standing by a pledge not to raise taxes on anyone making less than $400,000.

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The White House's ambitious plans for more than $4 trillion in new spending on infrastructure, health care, and education will be completely paid for by new taxes on corporations and wealthy investors, President Joe Biden will announce Wednesday, Axios reported.

The elements of the plan include nearly doubling the capital gains tax to 39.6% for investors who earn more than $1 million. Biden also wants to increase the marginal income tax rate for the country's wealthiest taxpayers from 37% to 39.6%.

According to Axios, the Biden administration will argue these tax increases are sufficient to cover the full cost of the president's agenda, although that will require collecting revenue from the next 15 years to cover eight years of spending.

Making the president's spending plans deficit-neutral is seen as key to assuaging concerns among moderate Democrats, particularly in the Senate. Centrists like Sen. Joe Manchin of West Virginia, an influential Democrat, say they can only support significant infrastructure spending as long as it is paid for.

The federal deficit topped $3 trillion last year after Congress approved emergency spending programs to combat the pandemic and assist struggling families. Biden approved a $1.9 trillion stimulus law in a party-line vote last month.

Biden will outline his tax plan in an address to Congress, beginning at 9 p.m. EDT on Wednesday.

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restore_democracy on April 28th, 2021 at 02:02 UTC »

Gee, that’s exactly what he said during his campaign.

Nano_Burger on April 28th, 2021 at 01:38 UTC »

Do you remember when "billionaire" Trump paid only $750 in federal income taxes the year he won the presidency? In his first year in the White House, he paid another $750.

How much income tax did you pay in those years?

NoAbsense on April 28th, 2021 at 01:33 UTC »

That is a good idea.