Biden to Revoke Trump tax cuts and increase taxes including corporate and personal rates to fund $1.9 trillion stimulus package

Credit White House

 

Four people familiar with the matter told Bloomberg that President Biden is planning to raise federal taxes. This will be the first major raise since 1993. He is also planning to revoke the former president’s law passed in 2017, to partly pay for the $1.9 trillion coronavirus package.

 

The White House is planning to pass another ambitious plan to tackle infrastructure and the economic crisis, climate change and education. This package would be higher and could go up to $4 trillion. However, this would be a huge uphill task as the Senate is tied 50-50 and a Democrat Senator Joe Manchin might have to be placated with changes as in the past with the stimulus bill. Getting the Democratic caucus to agree will require exquisite crafting as every vote would count.

 

All proposal are hearsay as of now though on Sunday Janet Yellen, the Treasury Secretary in the Biden administration said that they had not as yet decided if they were planning to move forward with a wealth tax and could look into it. Instead, she said that there are proposals and alternatives that could have impacts that are similar to a wealth tax.

 

President Biden will deliver remarks, this afternoon, at the White House. He will talk about the implementation of the sweeping package he has recently proposed. Following this address, he is planning to tour across the country, with First Lady Jill, this week in the “Help is here” tour. He is undertaking this road trip to promote the American Rescue Plan.

 

Vice President Kamala Harris and first gentleman Doug Emhoff will also be touring across the nation to promote the recent legislation. All of them will focus on 10 Key aspects of the bill.

 

On Monday afternoon Biden could announce that Gene Sperling, a renowned economic policy expert, would oversee the implementation of the $1.9 trillion plan according to The Washington Post, who got this information from people familiar with the matter.


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