President’s Biden’s administration is reportedly planning the first major tax increase in nearly three decades in the next economic stimulus package. The president is reportedly planning to include the first major tax hike since 1993 in the next spending bill following the $1.9 trillion coronavirus relief package that Congress has already approved . That initiative is expected to be even more ambitious, clocking in at ~$4 trillion. However, unlike previous stimulus bills, it won’t rely solely on government debt as a funding source; rather, it will also likely include a hike in corporate tax rate as well as income tax rate for high-income individuals earning more than $400,000, as per Bloomberg News . Biden is considering a walk-back on Trump’s tax bonanza that raised the corporate income tax rate from 21% to 28% resulting in a substantially lower after-tax profit for the majority of U.S. companies. However, the impact […]