The Biden administration is reportedly preparing a $1 trillion tax hike to help finance the White House’s latest policy push including immigration, CoVID, infrastructure, climate change, and income inequality. “When President Joe Biden’s team began putting together his infrastructure and jobs package this February, the White House National Economic Council circulated an internal proposal calling for about $3 trillion in new spending and $1 trillion in new tax hikes, according to three people with knowledge of the matter,” reports the San Diego Union Tribune.
“The choice to limit the impact on the federal deficit may help the White House counter critics who say that the nation’s spending imbalance is out of control. But it also sets up the administration for an enormous political challenge in convincing Congress to pass a package of tax increases on wealthy Americans and companies that together would represent the largest tax hike in generations,” adds the newspaper.