President Biden is reportedly planning the first major increase of federal taxes in nearly 30 years; plus, Trump appears at Sarah Sanders campaign event, and more of today’s top stories in conservative politics.
Biden planning a major federal tax hike
President Joe Biden is reportedly planning to enact the first major increase of federal taxes in nearly 30 years in order to fund the recently approved $1.9 trillion stimulus package. The tax changes will affect both corporations and individuals.
Bloomberg was the first to report via unidentified sources about the tax increase plan by President Biden. The unnamed sources said the increase will reflect promises Biden made during his 2020 campaign, The Hill reported.
Increased corporate taxes
According to the report, the plan tax increases will raise the current corporate taxes of 21 percent established by the Trump administration in 2017, which had previously been 35 percent, according to Brookings. Biden plans to raise corporate taxes to 28 percent, according to the report.
Increased taxes on individuals
Biden’s plan will also increase taxes on Americans earning more than $400,000, while also altering tax brackets.
Trump’s 2017 tax changes have lowered the income brackets, with the top rate falling from 39.6 percent to 37 percent, as well as dropping the 33% bracket to 32%, the 25% bracket to 22%, and the 15% bracket to 12%, Investopedia reported. The 10% and the 35% brackets were unchanged.
Under the Trump tax plan, a 35 percent tax was levied on individuals earning $207,351-$518,400, while a 37 percent tax (the top bracket) was levied on individuals earning over $518,400.
Biden’s tax plan would move part of the 35 percent bracket and all of the 37 percent bracket into a higher paying bracket.
Other tax increases
Other tax hikes as part of Biden’s plan also includes: expanding the estate tax; paring back tax preferences on pass-through businesses such as limited-liability companies; and setting up a higher capital gains tax rate for individuals making at least $1 million, The Hill reported.
According to Bloomberg, and independent analysis of Biden’s tax plan conducted by the Tax Policy Center found that it would potentially pay back the stimulus package by raising around $2.1 trillion over 10 years.
Trump appears at Sarah Sanders campaign event
Former President Donald Trump made an appearance at a campaign event for former White House Press Secretary Sarah Huckabee Sanders who is running for governor of Arkansas.
Sanders posted a photo on Twitter of Mr. Trump making an appearance. Sanders captioned the photo: “Great weekend on the campaign trail featuring a surprise appearance at one of my events by President Trump!”
Sanders, a Republican, is seeking the position held by her father the late 1990s and early 2000’s.
In a video announcing her campaign, Sanders said: “As governor, I will defend your right to be free of socialism and tyranny, your Second Amendment right, your freedom of speech and religious liberty.”
Biden declines to call for Cuomo’s resignation
President Joe Biden was asked by a reporter this weekend if he thinks embattled New York Governor Andrew Cuomo, who is facing multiple allegations of sexual harassment, as well as accusations of covering up nursing home deaths amid the pandemic, should resign, WFLA 8 reported.
Biden responded, “I think the investigation I think the investigation is underway and we should see what it brings us.”
A number of prominent New York Democrats, including Senators Chuck Schumer and Kirsten Gillibrand, have called on Cuomo to step down.
While not specifically calling for Cuomo’s resignation, House Speaker Nancy Pelosi has also said in recent days that Cuomo should consider stepping down, Fox reported.