A Democrat who controls the White House will reverse President Trump’s tax cuts and leave the average American worse off, sources have revealed.
President Joe Biden reportedly plans to reverse several tax cuts from the previous Trump administration.
The BL can reveal the proposal is widely speculated to include several tax increases Biden championed during the presidential race and could even become the most significant federal tax reform since 1993.
- expanding estate tax reach
- raising the corporate tax rate from 21% to 28%
- lifting the income tax rate on individuals earning more than $400,000
- increasing the capital gains tax rate for anyone earning at least $1 million a year
- winding back tax preferences for partnerships, limited liability companies, and other so-called “pass-through businesses.”
The significantly higher federal taxes are expected to help pay for the Democratic Party’s next Chinese Communist Party (CCP) Virus stimulus package.
The next round of stimulus payments is likely to be much bigger than the latest $1.9 trillion package, and taxpayer funds alone are unlikely to be enough to cover the soaring cost, according to people familiar with the matter.
“The next initiative, which is expected to be even bigger, will not rely just on government debt as a funding source,” Bloomberg News White House correspondent Nancy Cook and reporter Laura Davison reported. “Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for and pointed to higher rates. Key advisers are now making preparations for a package of measures that could include an increase in both the corporate tax rate and the individual rate for high earners.”
When asked about the proposed tax hikes, the White House revealed it does not necessarily plan to increase taxes for Americans earning less than $400,000 a year.
“[We are talking about] folks at the top who have been able to benefit from this economy and have not been this hard hit,” White House economist Heather Boushey told the media outlet. “There is a lot of room there to think about what kinds of revenue we can raise.”
The Biden administration was recently expected to start shutting down the oil and gas industry by granting no new oil and gas leases on federally owned land and waters.
Biden has already used an executive order to temporarily suspend oil and gas permits on federal lands and waters for 60 days.
This means Interior Department agencies and bureaus will have no authority to issue drilling leases or permits until the Democrats finish reviewing legal and policy implications of the federal minerals leasing program, according to a Department of Interior memo obtained by Reuters. The order does not limit existing operations.
The Democratic Party is targeting the U.S. oil industry because activities release carbon dioxide into the atmosphere that theoretically causes a long-term change in average weather patterns.
“The order appeared to be a first step in delivering on newly sworn-in Biden’s campaign pledge to permanently ban new drilling on federal acreage,” it reported. “Federal leases account for close to 25 percent of the nation’s crude oil output, making them a big contributor to energy supply but also to America’s greenhouse gas emissions.”