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Top earners should expect tax increases

The White House released their budget proposal for the next fiscal year.

tax increase

It is set to increase the tax rate of top earners.

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Who will notice the increase?

President Biden has released a new tax proposal that would tax the richest Americans. Find additional information here.

When Biden was campaigning, he promised not to increase taxes on  households making less than $400,000 a year. This proposal stays true to the promise.

There are fears of the tax increases could damage the economy. However, not everyone shares this concern. The changes would penalize companies that ship jobs overseas to keep their “profits tax havens.”

Some economists have a valid concern that deficit-spending to encourage job growth and higher wages may not be a long term solution. However, it could build a stronger social safety net in the future.

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