Joe Biden Announces $1.8 Trillion ‘Human Infrastructure’ Proposal to Congress Partly Financed by Expanding Death Tax

WASHINGTON, DC - APRIL 28: U.S. President Joe Biden addresses a joint session of Congress
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President Joe Biden spoke to a joint session of Congress Wednesday to propose a $1.8 trillion “human infrastructure” proposal that comes with a myriad of tax increases, including expanding the death tax.

A breakdown of the tax adjustment from the officially named American Families Plan are as follows:

  1. Raise the top income-tax rate to 39.6 percent from 37 percent
  2. Raise the capital gains and dividends tax to 39.6 percent from 20 percent for households making more than $1 million
  3. Raise the payroll and investment taxes each by 3.8 percent — the top rates on wages and the death tax would reach 43.4 percent from 23.8 percent
  4. Use the previous 3.8 percent increase to expand over other types of income currently uncovered like active income from S corporations making over $400,000
  5. Adjust death tax to include unrealized gains as sold and thus taxable with an exemption of $1 million a person
  6. Limit the ability for real estate to be exchanged without reporting capital-gains income by capping that break at $500,000

The proposed taxes will take an estimated $109 billion from the private sector for use by the Biden administration to fund plans—from universal pre-k to tuition-paid community college–that will expand the role of government when it comes to raising and providing for American families.

Biden will also provide the following loopholes to less wealthy individuals:

  • Expanding the tax credits for child care and earned-income for childless workers
  • Rendering the child tax credit permanently fully refundable to allow low-income households to get the money even if they don’t have earned income

Biden delivered his speech without a mask to about 200 people. The number is about 1,400 invitees short of a traditional speech of this magnitude due to House Speaker Nancy Pelosi’s (D-CA) coronavirus protocols that match the Centers for Disease Control and Prevention’s guidance.

However, Breitbart News reported Tuesday both the House and the Senate have gathered in their chambers during coronavirus for impeachment and swearing-in.


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