Biden Prepares to Announce Up to $3.5 TRILLION in Tax Hikes for Climate-Friendly Infrastructure.

President Joe Biden is expected to unveil his massive infrastructure plan expected from Pittsburg this Wednesday, where he kicked off his presidential campaign in 2019. Biden is now seeking to create a $3.5 trillion dollar tax hike in a 4+ trillion dollar spending bill that will focus on (green) infrastructure, much like FDR did as well as reparations “income inequality” and “human infrastructure.”

Last week, The New York Times first reported details of the upcoming infrastructure proposal. In that report, sources familiar with the plan said it could cost up to $3 trillion. The plan was confirmed to Insider. According to documents obtained by The Times, the package will be split into two legislative pieces: one focused on rebuilding infrastructure such as roads and bridges and another focused on the care economy, with funding for things including universal pre-K and free community college.

But on Monday, three sources familiar with the matter told The Washington Post that the White House was expected to push for as much as $4 trillion in spending on infrastructure and as much as $3.5 trillion in tax hikes.

In reality, it must be understood that all government overspending such as this will massively devalue American currency.  This will cause prices of everything–especially energy in this case–to skyrocket.  Such policies will act as an effective tax on every single American in any income bracket, so claiming that this won’t affect the middle and lower classes is absurd.

Daily Mail reports,

“One substantial hike that Biden campaigned on is raising the corporate tax rate to 28 per cent, from 21 per cent. President Trump signed legislation dropping the rate to its present level from 35 per cent. 

Biden has pledged that families earning more than $400,000 would not have their taxes raised, and White House Press Secretary Jen Psaki said this would apply to individual filers as well. 

But tax expert Timothy McGrath of Riverpoint Wealth Management told Fox Business there could be scenarios would individuals making less than $400,000 do get hit if they file taxes jointly with their spouse. 

Two individuals each earning $200,000 could get pushed into the top bracket, with the top rate rising to 39.6 per cent.  

‘It’s a significant disadvantage to married couples,’McGrath said. ‘It’s another marriage penalty, and this is nothing new in the tax system.’

Another potential pay-for would get at the ‘stepped up’ basis for investments that go into estates. Under current law, long-held investments that get transferred at the time of death are only taxed when sold, and the new basis for taxation is set at the higher level at the time of death – potentially shielding millions worth of gains. 

A new draft proposal floated by Sen. Chris Van Hollen (D-Md.) would shield the first $1 million, but the rest would be subject to taxation, the Wall Street Journal reported. 

Some tax ideas are dying just days after getting floated by the administration – a reminder of the difficulty getting any of the proposals through Congress.

Transportation Secretary Pete Buttigieg touted a potential mileage tax last week to fund road improvements, only to say it wasn’t being considered for the infrastructure package. 

House Democratic centrists, meanwhile, are making a play to raise the $10,000 cap on deductions for State and Local Taxes imposed by the Trump tax legislation. This would add costs to tax and infrastructure legislation. 

Rep. Josh Gottheimer (D-N.J.) has already threatened not to go along with any tax legislation that doesn’t take care of the issue, which hits homeowners in states like his with high property values. Given Speaker Nancy Pelosi’s tiny majority, Gottheimer and his allies have leverage. 

‘No SALT, no dice,’ he told Axios this week.”

Sources: Daily Mail, 100percentfedup, Fox News, Wall Street Journal