Biden hasnt enacted any taxes, just spending. But the current tax rates will expire soon, so no action will result in higher rates.
“But the current tax rates will expire soon, so no action will result in higher rates.”
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Just the way the congress likes it.
“But the current tax rates will expire soon, so no action will result in higher rates.”
But that action has already been put into focus and preparation after the election for the 2025 budget.
President Biden’s State of the Union address presented a vision of higher taxes for American businesses and high earners combined with carveouts, credits, and more complex rules for taxpayers at all income levels. Soon after, the president released his FY 2025 budget outlining how the White House would implement the president’s tax vision, indicating a gross tax hike of about $5.3 trillion from 2024 to 2034.
On a gross basis, we estimate Biden’s FY 2025 budget would increase taxes by about $4.4 trillion over that period. After taking various credits into account, the increase would be about $3.4 trillion. The tax increases would substantially increase marginal tax rates on investment, saving, and work, reducing economic output by 2.2 percent in the long run, wages by 1.6 percent, and employment by 788,000 full-time equivalent jobs.
https://taxfoundation.org/research/all/federal/biden-budget-2025-tax-proposals/
And depending on how far the liberals could lie about such things as wage increase to catch up with the inflation they created will probably push those numbers higher in economic output, wages and falling employment numbers. The rich and major companies, have commitments they have to cover and there are only two ways to do it, raise prices to boost income, which lowers intake, or cut employment to eliminate costs as HR is normally the highest.
wy69