Two months into the new administration and the American people are getting a look at what Bidenomics is all about.
It is not too different from his predecessors as it consists of taxing and spending.
In addition to the $1.9 trillion coronavirus stimulus and relief package, President Joe Biden is set to announce a two-phase $3 trillion spending package.
But how does the White House plan to pay for all this spending?
Treasury Secretary Janet Yellen revealed to the House Financial Services Committee that the Oval Office is thinking about hiking the U.S. corporate tax rate, three years since the government cut it.
According to Yellen, the corporate tax rate would be raised to 28 percent.
“We’ve had a global race to the bottom in corporate taxation and we hope to put an end to that,” Yellen said.
“I think a package that consists of investments in people, investments in infrastructure, will help to create good jobs in the American economy and changes in the tax structure will help to pay for those programs.”
At a time when the economy is reeling, how could anybody afford higher taxes?
Leave a Comment