Listen to this Article Now
The President of the United States, Joe Biden is reportedly working on some bigger spending bill as the next move after successfully passing his $1.9 trillion relief bill.
The new bill is said to be coming with the first federal tax hike close to three decades and it’s also expected to include a rise in the income tax rate for high earners and cooperates tax hike.
There’s going to be done significant changes to the tax law as many would-be wondering if they’re going to get another stimulus check to clear their bills and the bill might leave some with more benefits and others with a higher rate.
Looking at who this new bill impact most though there’s not package put together yet, the press secretary Jen Psaki at White House told reporters earlier this month the President proposal will focus on fulfilling components of his “Build Back Better” agenda as there’s no package yet.
The Press Secretary added that the Biden keeping his promise last year in mind, the tax increase will only impact on people making $400,000 or more.
Bloomberg made it known earlier that Biden’s team is considering an increase in capital gains tax for people who earn over a million dollar a year