The wealthy in the USA predicted a tax hike after Biden's victory

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The wealthy in the United States predicted a tax increase after Biden's victory

Raising taxes will become an immediate economic policy priority for US presidential candidate Joseph Biden if he wins the upcoming presidential election. Writes about this Fox Business, citing sources.

As it became known to the publication, the Democratic candidate presented to his Wall Street supporters his ambitious tax hike plan targeting wealthy people and corporations. Sources of the publication predicted that the corresponding law will most likely be adopted almost immediately after Biden takes office if he wins the election for the head of the White House.

By increasing taxes for fucking rich people and corporations, Biden intends, on the one hand, to fulfill his election promise to give impetus to the American economy, which is facing losses due to the coronavirus pandemic, and on the other, to reduce the level of social inequality in the country.

The publication refers to a document provided by an investment firm associated with the Biden campaign, from which it follows that the presidential candidate intends to raise corporate tax from 21 to 28 percent. Also, Biden's corporate tax plan involves taxing foreign income of American companies at a rate of 21 percent, compared with 10 percent under Donald Trump. In terms of taxes for individuals, it is expected to increase the inheritance tax from 40 to 45 percent, while the threshold for taxable inheritance income will be reduced to about $ 5 million from $ 11.5 million.

Earlier, Biden in an interview with ABC TV channel spoke about plans to hit the rich and raise taxes for those who earn more than 400 thousand dollars a year (about 29 million rubles).

The US presidential election will be held on November 3.

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