Biden tax hike plan faces strong GOP opposition

President Joe Biden’s plan for the first major tax hike in nearly 30 years is facing stiff opposition from Republicans who say the proposal is carved from the ideology of wealth redistribution and would seriously stunt any POST-COVID economic recovery.

Biden and congressional Democrats intend to push a new major bill that could potentially be aimed at infrastructure, jobs or climate, the Hill reported.

Rep. Mike Turner, R-ohio, said Biden’s coming tax plan is all about Democrats’ social agenda.

“This is not about revenue,” Turner said. “This is about their social agenda. You know, when you look at our economy, where we’re just recovering, and we may be coming out of the COVID lockdown, this is not the time to raise taxes.”

As part of the coming bill, Biden is planning the first major tax hike since 1993, a boost that could include an increase in the corporate tax rate and the individual rate for individuals earning over $400,000 per year.

The changes would likely include the repeal of parts of former President Donald Trump’s 2017 tax cut legislation and could include a 7-point percentage increase in the corporate tax rate, from 21 percent to 28 percent, an expansion of the estate tax, and a raise in the capital gains tax for people earning more than $1 million per year.

White House press secretary Jen Psaki said that Biden is committed to his campaign pledge to not raise taxes on people making under $400,000 annually.

She maintained that Biden’s eventual tax plan would focus on ensuring that wealthy people and corporations pay their “fair share.”