President Joe Biden is going on one heck of a spending spree.
He’s expected to announce on Wednesday details of a big, new tax increase to fund the first part of his multi-trillion-dollar infrastructure plan.
It’s got a fancy name attached to it, the “Build Back Better Plan,” and it’s going to hit businesses paying corporate taxes and individuals earning over $400,000 the hardest.
If you don’t fit in those categories you still might be helping to fund the project, as his administration expands the estate tax, and then hitting the wealthy again with a higher capital gains tax rate for anyone earning $1 million a year.
According to the Washington Post, Biden’s tax hike could include a $3 trillion tax increase to help cover $4 million in new spending.
“We’ll have more to say about it once we actually roll out the package, but what we want to make clear, the president has a plan to fix our infrastructure and a plan to pay for it,” press secretary Jen Psaki said.
The exact details won’t be revealed until Wednesday, but word is the corporate tax rate will go from 21% to 28%.