Biden’s plan puts two Trump-era tax reductions on the chopping block—but it’s likely dead on arrival in a GOP-controlled House.
, citing officials familiar with the plan—a slight increase from Biden’s budget proposal last year, which pitched a 20% tax rate on households worth over $100 million.
The Biden Administration has estimated the nation’s top earners typically pay an 8% tax rate, however that figure is based on a calculation that includes unrealized capital gains, or increases in the value of assets that haven’t been sold, which normally aren’t taxed until the owner sells the asset.The proposal also calls for an increase to the top tax rate for Americans earning more than $400,000 from from 37% to 39.
Under Biden’s plan, investors making at least $1 million would see the capital gains tax rate increase from 20% to 39.6%. The Biden Administration has said the new taxes will help achieve Biden’s goal of reducing the federal deficit by $3 trillion over the next 10 years and protect the future of a key Medicare fund that is expected to run out of money by 2028.
The new taxes may just be a Democratic pipe dream, however, as Republicans, who will lead the budget negotiations in the House, are likely to balk at any new taxes and have instead expressed plans to reduce the federal deficit by cutting spending.Biden is set to deliver a speech on his budget proposal at 2:30 p.m. in Pennsylvania.Congress must pass its annual spending plan before the conclusion of every fiscal year at the end of September.
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