Biden to announce tax plans tomorrow
Axios reports that Biden is "preparing to go to the mat" for tax hikes to pay for infrastructure.
The headline move would be a hike in the corporate tax rate to 28% from 21%.
The other three would:
- Impose a global minimum tax on profits from foreign subsidiaries
- Tax capital gains as regular income for the wealthy and tax unrealized capital gains at death
- Return the top individual rate for those making more than $400,000 to the pre-Trump rate of 39.6%
There's going to be a battle in congress around getting this done but markets aren't going to like it. I expect that Biden has canvassed Senators and knows he has the support to get this through in some form, but that it will be watered down.
