The White House released their budget proposal for the next fiscal year.
It is set to increase the tax rate of top earners.
Who will notice the increase?
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.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].