Biden’s $6T Budget Calls for Controversial Tax Increase & He Drops Student Loan Forgiveness
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President Joe Biden’s expected $6 trillion budget proposal calls for a controversial retroactive tax increase because it assumes his proposed capital-gains tax rate increase took effect in late April.
Two people familiar with the proposal told The Wall Street Journal that Biden plans to raise the tax rate on capital gains from 23.8 percent to 43.4 percent for households with over $1 million in income and change the tax rules for unrealized capital gains at death.
The tax rate increase’s effective date would be tied to Biden’s tax increase announcement in his American Families Plan that he detailed on April 28.
When Joe Biden was on the campaign trail, he made a variety of leftist-oriented promises that Democrats really liked.
One of those promises involved forgiving student loan debt. Democrat leaders called for forgiving up to $50,000 in debt.
But now, none of that looks like it’ll be happening any time soon.
Not only won’t they forgive $50K, it appears that even $10K is out of the question for now.
According to Yahoo Finance, the Biden administration still faces pressure to “follow through on a campaign promise to forgive $10,000 in federal student loans for every borrower.”
Also, House Minority Leader Kevin McCarthy (R-CA) slammed the Biden administration’s proposed budget during a Fox News interview on Thursday evening and demanded the administration do more to hold China accountable for the COVID-19 pandemic…
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