{"id":350517,"date":"2021-03-30T13:16:28","date_gmt":"2021-03-30T17:16:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=350517"},"modified":"2021-03-30T13:16:29","modified_gmt":"2021-03-30T17:16:29","slug":"report-biden-exploring-a-3-trillion-tax-hike-to-fund-infrastructure-climate-change-plan","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-biden-exploring-a-3-trillion-tax-hike-to-fund-infrastructure-climate-change-plan\/","title":{"rendered":"Report Biden \u2018Exploring\u2019 A $3 Trillion Tax Hike To Fund Infrastructure, Climate Change Plan"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-biden-exploring-a-3-trillion-tax-hike-to-fund-infrastructure-climate-change-plan%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=350517&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/03\/fb_image-3503.jpeg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>President Joe Biden is expected to announce a massive spending bill later this week focused on addressing \u201cinfrastructure needs,\u201d and the multi-trillion-dollar piece of legislation, which follows closely on the heels of a nearly $2 trillion COVID-19 relief package, will likely require a major tax hike.<\/p>\n<p><a href=\"https:\/\/www.washingtonpost.com\/us-policy\/2021\/03\/29\/biden-infrastructure-taxes-spending-plan\/\">The Washington Post reported Tuesday<\/a> that the Biden administration is exploring a major \u2014 $3 trillion \u2014 tax hike, mostly on wealthy Americans and corporations, and a near-complete rollback of President Donald Trump\u2019s tax breaks.<\/p>\n<p>\u201cWhen President Biden\u2019s team began putting together his infrastructure and jobs package this February, the White House National Economic Council circulated an internal proposal calling for about $3 trillion in new spending and $1 trillion in new tax hikes, according to three people with knowledge of the matter,\u201d the Post reported. \u201cThe two-pronged package Biden will begin unveiling this week includes higher amounts of federal spending but also significantly more in new tax revenue \u2014 with possibly as much as $4 trillion in new spending and more than $3 trillion in tax increases, said the people, who spoke on the condition of anonymity to describe private dynamics.\u201d<\/p>\n<p>The Post notes that the $3 trillion number is just to start. The draft proposal \u201cdid not include every tax increase the White House was eventually considering including.\u201d<\/p>\n<p>\u201cThe tax increases would likely include raising the corporate tax rate from the current rate of 21% and higher levies on investment income, as well as a higher top marginal tax rate for top-earners,\u201d <a href=\"https:\/\/www.foxbusiness.com\/economy\/biden-tax-hike-wealthy-americans-corporations-infrastructure-plan-funding\">Fox News reported<\/a>, also Tuesday.<\/p>\n<p>The tax hikes, Fox noted, are expected to come in two waves: \u201cthe infrastructure part of the bill would be funded by taxing corporations, including raising the corporate tax rate to 28%, increasing the global minimum tax paid from about 13% to 21%, ending federal subsidies for fossil fuel companies and forcing multinational companies to pay the U.S. tax rate rather than the lower rates offered by foreign subsidiaries.\u201d<\/p>\n<p>The second wave, \u201cfocused on domestic priorities\u201d the outlet continued, \u201cwould be paid for by increasing the highest income tax rate from 37% to 39.6%, raising taxes on wealthy investors and limiting deductions that rich taxpayers can claim annually.\u201d<\/p>\n<p>Although the plan is being billed as an \u201cinfrastructure\u201d bill, and as the second part of Biden\u2019s COVID-19 recovery plan (the first was the $2 trillion \u201crescue\u201d bill that passed in early March), Democrats are already competing to pack the spending initiative with pet projects on top of the Biden administration\u2019s stated list of demands, which \u201cinclude policies to combat climate change, as well as ways to revitalize the manufacturing industry and revamp housing, education, and health care.\u201d<\/p>\n<p>Speaker of the House Nancy Pelosi (D-CA) put out a call out to Democratic committee chairs in Congress on Friday \u201cto begin crafting a \u2018big, bold and transformational infrastructure package\u2019 with their Republican counterparts, adding that she hopes a bipartisan \u2018spirit will prevail\u2019 to address critical needs in energy, broadband, education, housing, and utilities while creating jobs \u2018in every zip code,&#8217;\u201d <a href=\"https:\/\/www.forbes.com\/sites\/jonathanponciano\/2021\/03\/14\/democrats-big-and-green-multi-trillion-dollar-infrastructure-plan\/?sh=51f490882624\">per Forbes<\/a>.<\/p>\n<p>Congress will have all summer to debate the bill before it adjourns for its fall recess and the 2022 mid-term elections officially begin. Right now, the full plan is considered a hard sell for moderate Democrats, which Biden will need if he intends to shepherd the bill through the Senate, where passage relies on Sen. Joe Manchin (D-WV), Sen. Kyrsten Sinema (D-AZ), and other middle-of-the-road and maverick legislators.<\/p>\n<p><i>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i>member<\/i><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden is expected to announce a massive spending bill later this week focused on addressing \u201cinfrastructure needs,\u201d and the multi-trillion-dollar piece of legislation, which follows closely on the &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2311389,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/03\/fb_image-3503.jpeg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Report Biden \u2018Exploring\u2019 A $3 Trillion Tax Hike To Fund Infrastructure, Climate Change Plan","footnotes":""},"categories":[],"tags":[],"class_list":["post-350517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/03\/fb_image-3503.jpeg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Report Biden \u2018Exploring\u2019 A $3 Trillion Tax Hike To Fund Infrastructure, Climate Change Plan","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/350517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=350517"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/350517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2311389"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=350517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=350517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=350517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}