Breaking: Biden's Tax Hikes Could Mean 60% Effective Rates - AMAC - The Association of Mature American Citizens

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President Biden has proposed a number of tax hikes aimed at bringing in more revenue for Democratic spending proposals. The Tax Foundation
Washington, DC – The Tax Foundation, a leading non-partisan economic think tank, has calculated that President Biden's proposed taxes would increase taxes on wealth to over 61%. and other independent economists have shown how these proposals could kill up to a million jobs in the US economy. The previous administration's low tax and regulatory policies led to a thriving economy, record-low unemployment for women and minorities, and soaring markets, even against the headwinds of imposing heavy tariffs. The Tax Cuts and Jobs Act, enacted in December of 2017, lowered taxes across the board on individuals and businesses. The Biden administration has proposed going the opposite direction in creating a new death tax through capital gains due at death, raising the capital gains rate over 40% for some households, raising the corporate tax rate, and changing "step-up in basis," which helps businesses continue through multiple generations.

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