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Biden reportedly planning first major tax hike since 1993 in next economic package

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President Biden is reportedly planning to include the first major tax hike in close to 30 years in the next economic spending bill set to follow his $1.9 trillion coronavirus relief package.The next spending initiative — which is expected to be even bigger, costing as much as $4 trillion — won't rely on just government debt as a funding source and could include an increase in both the corporate tax rate and the individual rate for high-income earners, according to Bloomberg News, citing a person familiar with the matter.The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000, expanding the estate tax, creating a higher capital-gains tax rate for.

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