The New CS Board

[jumanji0881]

Biden Plans Biggest Federal Tax Hike Since 1993 To Fund Infrastructure, Climate Initiatives : https://www.zerohedge.com/political/biden-plans-biggest-federal-tax-hike-1993-fund-infrastructure-climate-initiatives

My comment : How do you raise taxes without crushing the markets and causing a financial crisis ?

Excerpts:
Biden is embarking on what could be the biggest federal tax hike since 1993 (remember 'no new taxes'?) to finance an infrastructure plan, Biden's climate-change initiatives, health care and economic inequality.

The overall program has yet to be unveiled. Nevertheless, analysts are penciling in between $2 trillion to $4 trillion.

Bloomberg has a list of proposals that are reportedly under consideration, though they all likely won't make it into the final bill. Notably the first two bullets would effectively unwind the two biggest components of the Trump tax cuts.

Raising the corporate tax rate to 28% from 21%
Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships
Raising the income tax rate on individuals earning more than $400,000
Expanding the estate tax’s reach
A higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher)

But the most consequential factor for Americans in the wake of the retail trading boom isn't the effect on the labor market, but the effect on the markets.