Biden to Raise Corporate Taxes to Fund $2 Trillion Plan

tax increase

Last week, President Biden shared his $2 trillion infrastructure and economic recovery plan to help jolt the post-pandemic economy.

“We’ll have a good-faith negotiation with any Republican who wants to help get this done,” Biden said. “But we have to get it done.”

This is what happened with the recent $1.9 trillion COVID relief bill, which was passed without Republican support.

His goal: spending $2 trillion to update over 20,000 miles of roads and highways, perform maintenance on 10,000 bridges, build a national network of 500,000 electric vehicle chargers by 2030, and inject capital into affording housing and manufacturing upon other factors.

Lastly, the president aims to replace over 50,000 diesel public transit vehicles.

The spending of the $2 trillion freshly printed dollars is set to take place over the next 8 years.

But what are his plans to help fund this infrastructure bill? Raising the corporate tax rates from 21% to 28%.

With “diligent” calculations, in 15 years, the $2 trillion spent over the next 8 years will be paid off.

Yes, you read that right.

The math didn’t add up to us either— 8 years of spending which will take double the time to pay off.

In regards to his plans to increase taxes for any individual making over $400,000 a year, he claims that his aim is not to punish the wealthy.

“This is not to target those who’ve made it. Not to seek retribution,” he claimed. “This is about opening opportunities for everybody else.”

This sounds condescending as it is, in fact, those who make over $400,000 a year who will be targeted.

This, paired with the fear of inflation running rampant and a new vaccine-resistant virus strain, caused gold to spike.

According to a Reuters poll of foreign exchange strategists, the U.S. dollar will remain strong for “at least” another month.

But what happens after that month?

Well, they still have it forecasted that the currency would weaken in the longer term.

Could this be because of all the recent and future expected spending?

The question is, in times of a weakening dollar, which usually runs side by side with inflation, what else will take place?

Stimulus measures are likely to increase the chances of higher inflation and historically, gold is often considered a hedge against it.

Are you ready for what the next decade may bring?

Call American Hartford Gold at 800-462-0071, we’ve been preparing for it for quite some time.

Get Your Free 2024 Guide
Most Recent News