White House press secretary Jen Psaki clarified on Wednesday that Biden's proposed $400,000 threshold for tax increases applies to families, rather than individuals, meaning the hike could hit individuals who earn $200,000 a year if they are married to someone who makes the same amount.
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Biden is eyeing the next big-ticket economic bill as a vehicle for one of the major tax hikes in close to 30 years.
The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000, expanding the estate tax, creating a higher capital-gains tax rate for individuals earning at least $1 million annually and paring back tax preferences for so-called pass-through businesses.
Biden also plans to repeal the Trump tax cuts, which means a tax increase for the middle class and most Americans. He also wants to reimplement the death tax.
