Biden Eyes Your Wallet

A former Biden aide says Democrats Seek $1 Trillion in New Taxes

The White House will propose $1 trillion worth of new taxes, according to Sarah Bianchi, head of U.S. public policy and political strategy at Evercore ISI and the former director of economic and domestic policy for then Vice President Joe Biden.

Officials including Treasury Secretary Janet Yellen have started suggesting what will be in the White House plan. Bianchi says hiking the corporate tax rate to 28% from 21%, establishing a global minimum tax and raising what’s called the global intangible low-taxed income rate to 21% will be in his plan. The plan will probably include nearly doubling capital-gains taxes on those with income over $1 million, and likely will include taxing unrealized gains at death, ending carried interest and raising the top individual income-tax rate.

Other possibilities include restoring the 2009 estate tax policies, limiting individual deductions, phasing out some business income deductions and establishing a financial transactions tax.

Tax Stew Synopsis 

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  1. Hike the corporate tax rate to 28% from 21%
  2. A global minimum tax on corporations in foreign tax havens
  3. Double the capital gains tax on wealthy citizens
  4. Hike death taxes
  5. Tax unrealized stock gains at death
  6. Hike the to income tax rate
  7. Restore 2009 estate tax policies
  8. New financial transaction tax

Icing on the Tax Cake

That's not all. The icing on the tax cake is wealth tax sought by Elizabeth Warren,  Bernie Sanders and the Progressives in detail. 

For discussion, please see Democrats Ponder a Wealth Tax to Pay for Free Money Handouts.

Biden never proposed a wealth tax but Secretary of State Janet Yellen said "the administration is undecided".  So, consider it on the table.

Everything is on the tax table, except of course spending cuts.

Mish