(Washington) The White House confirmed on Monday that US President Joe Biden wants to raise taxes on capital income for the richest 0.3% of Americans.
Brian Deiss, Joe Biden’s chief economic adviser, said the tax increase is part of a tax reform aimed at “rewarding work, not just wealth.”
He said the reform bill, whose passage by Congress should lead to a bitter fight far from victory, would only concern taxpayers who earn more than $ 1 million a year.
According to him, only 0.3% of taxpayers, or about 500,000 households, are affected.
For 997 families out of 1,000, this change will have no effect.
Brian Daisy, Joe Biden’s chief economic advisor
From 20% to 39.6%
According to several US media outlets, this tax rate could be nearly doubled, from 20% to 39.6%.
The tax reform aims to fund the “American Families Plan” (“Project for American Families”), a group of investments focused on childhood, family and health that Joe Biden will outline Wednesday night during his first speech to Congress.
This proposal is the second part of a broad investment plan, the first of which focused on infrastructure, for $ 2.3 trillion over eight years.
Joe Biden, with his funding, proposed raising corporate taxes from 21% to 28%, partly offsetting the cut given by Donald Trump.
Washington is also leading discussions in the G20 aimed at reaching an agreement on the minimum corporate tax rate, which will be identical in the signatory countries.
Lucas Tremblay is a contributor at Vaughantoday.ca, covering a wide range of topics including local news, politics, business, technology, sports, entertainment, and lifestyle. He focuses on delivering clear, accurate reporting and useful information that helps readers stay informed about current events and issues affecting their communities. Lucas is committed to presenting relevant stories in a straightforward and accessible way, providing balanced coverage that keeps readers connected to the latest developments.