Joe Biden slaps US high earners and businesses with huge tax hikes – $3TRILLION crackdown

The Biden administration’s new tax increases will target businesses, married couples, high earners on more than $400,000 (£290,000). Mr Biden’s tax haul is needed for his swathe of planned infrastructure projects such as new roads, bridges and green technology development. The Democrat administration is proposing to cut the special treatment that fossil fuel companies get in the US.

One new green infrastructure policy that the new administration is proposing is to lease federal offshore territory for wind farms.

The new administration in the White House also wants to implement a “human infrastructure”, with measures to help with health insurance and planes to cut child poverty.

The total tax increases will add up to $3trillion (£2.19trillion).

However, the total infrastructure package will cost approximately $4trillion (£2.9trillion).

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“If members of Congress don’t like it, we´re happy to look at their proposals.”

The Biden administration will be aiming to increase its tax revenue by controversially increasing the US corporate tax rate to 28 percent, from 21 percent.

However, Mr Biden has said that US households that earn less than $400,000 (£290,000) would not have their taxes raised.

Speaking to Fox Business, tax expert Timothy McGrath of Riverpoint Wealth Management referred to the effects the new tax plans would have on married couples and said: “It’s a significant disadvantage to married couples.

“It’s another marriage penalty, and this is nothing new in the tax system.”

There could be potential difficulties in getting the tax scheme through the US Congress.

Many of the regime’s new tax schemes are faltering in their nascent stages.

One such tax plan that was discarded was Transportation Secretary Pete Buttigieg mileage tax.

Last week Mr Buttigieg announced a plan to fund road improvements with a milage tax.

However, such a move was deemed politically risky as it would hit lower-income Americans hard.

Forbes has revealed that the new tax regulations will impact the income of US companies with large overseas income.

source: express.co.uk