(WWLP) – President Joe Biden is reportedly considering the biggest tax hike since 1993.
This would be part of his long-term economic program as a result of his pandemic relief bill.
According to Bloomberg, Biden is considering increasing corporate tax from its current 21 percent to 28 percent and raising the income tax rate for those who earn more than $ 400,000 a year.
If this proposal were accepted, experts do not believe that it will influence us here too much.
Political Correspondent Tony Cignoli told 22News, “There’s always the horror strategy that some of these companies are leaving the United States to do things elsewhere, much here in western Massachusetts, with the based companies that we have here. “
The Biden government is expected to use the funds from the tax increases on infrastructure and expand services for low-income families.