Joe Biden plans to give tax collectors an additional $ 80 billion to seek up to $ 700 billion in new income from high-income earners and large corporations as part of this week’s “American Family Planning” I am.
Separately, White House announces Overnight, Biden will issue an executive order requiring federal contractors to pay federal contract workers a minimum of $ 15.
Increased internal revenue service (IRS) tax enforcement and new disclosure rules could raise $ 700 billion from wealthy people and private sectors over the next decade, according to unidentified government officials. Talk to the New York Times.
Additional funding represents a two-thirds increase in overall government funding levels over the last decade.
In a statement, the administration said the new federal wage floor would “provide value to taxpayers by promoting the economy and efficiency of federal contracts and strengthening workers.” Productivity Create higher quality work by increasing the health, morale and effort of workers. “
“Executive orders ensure that hundreds of thousands of workers no longer have to work full-time and still live in poverty. It improves the financial security of families and spans decades. We will move forward to reverse income inequality. “
These measures preceded a major policy speech prior to Wednesday’s joint session, with Biden adopting a sophisticated scheme to reduce tax consequences and leveling the tax burden between the two. It is expected to build a tax increase on wealthy Americans who close corporate loopholes as a way to do so and low-income Americans and wealthy people.
As part of the new tax system, the administration plans to raise the maximum income tax rate from 37% to 39.6% and raise the capital gains tax rate for those who earn more than $ 1 million a year. The tax rate on the income of those who earn more than $ 1 million a year through stock dividends will also be raised.
Earlier this month, IRS Commissioner Charles Rettig Told the Senate Committee The tax evasion cost the government $ 1 trillion a year, and government agencies lacked the resources to enforce tax law. Biden is widely reported to be planning to use the additional money raised by the crackdown to help pay for his “American family planning.”
However, tax increases are facing backlash from Silicon Valley and Wall Street.Management source Told the Financial Times That capital gains tax hike will only hit the wealthiest 0.3% of the US population’s “slivers.”
Conversely, the White House states that raising the minimum wage for hundreds of thousands of workers under federal contracts is “important” to the functioning of the federal government. To nursing assistants who care for national veterans, cafeterias and other food service workers who ensure that military personnel eat healthy and nutritious meals, and workers who build and repair federal infrastructure. “
Biden plans to step up the IRS to charge up to $ 700 billion in taxes from the wealthiest Americans | Joe Biden
Source link Biden plans to step up the IRS to charge up to $ 700 billion in taxes from the wealthiest Americans | Joe Biden