The Biden Tax Plan

 Bernie Sanders and Elizabeth Warren both discussed the idea of a wealth tax during the primary campaign.However, that ' s not what Joe Biden is proposing. Biden ' s proposal would:Increase the corporate tax rate from 21% to 28%Eliminate the cap on income subject to the Social Security payroll taxTax capital gains as ordinary income for people earning more than $1 million a yearRaise the marginal rate on people making more than $400,000 a year from 37% to 36.9%Close some inheritance tax loopholesNotice what this would not do. It would not raise the taxes of anybody earning less than $400,000 a year by one penny. There is a lot of misinformation about this out there, and I ' m sure people who read the New York Post or the Wall Street Journal will make comments based on the propaganda they encounter there. While this is not a wealth tax (with the minor exception of increasing some estate tax revenues, which taxes the wealth of dead people), it is very closely targeted at the top 1% of income getters. (Notice I don ' t say earners, because this income is precisely unearned.) It would raise about 3.7 trillion over 10 years, which is enough to pay for free public college, universal child care, and more, while putting Social Security on a sounder financial footing. Taxing the income of the obscenely wealthy reduces their wealth, in the long run, so to that extent it works like a wealth tax. They ' ll still get richer, just a bit more slowly.I have explained many times why...
Source: Stayin' Alive - Category: American Health Source Type: blogs