According to Bloomberg News, who cited a person familiar with the matter, the next spending initiative being planned by President Biden, is expected to be even bigger than the last, costing as much as $4 trillion and won’t rely on just government debt as a funding source.
The alternative funding source would reportedly be an increase in both the corporate tax rate and the individual rate for “high-income earners.”
U.S. House Rep Lauren Boebert (R-CO) called out the proposal and said that “Biden is now planning a tax hike as if the prices of gas soaring and the food prices going up weren’t enough.”
Boebert exclaimed that “The middle class is getting HAMMERED right now!”
Biden is now planning a tax hike as if the prices of gas soaring and the food prices going up weren’t enough.— Lauren Boebert (@laurenboebert) March 15, 2021
The middle class is getting HAMMERED right now!
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 individuals earning at least $1 million annually, and paring back tax preferences for so-called pass-through businesses.
While many would argue that those moves don’t directly effect the middle class, they clearly would feel the effects if businesses are forced to cut back.
It was reported today that the average U.S. price of regular-grade gasoline has jumped 25 cents a gallon over the past three weeks to $2.89.
Previously we reported:
Many throughout the country may have noticed that gas prices have been rising as the national price of gas also rose almost three cents in the past week and experts say a rise in prices is expected to continue as we approach the spring.
U.S. House Rep. Lauren Boebert (R-CO) apparently noticed and wondered, “Just a question for the liberals out there – exactly how much are you willing to pay for a gallon of gas before you realize America needs to be energy independent?”
A recent fact check claimed that gas prices are not the highest since under former President Obama, but according to WREX, Rockford, Illinois drivers are now paying $2.63/g.
WREX also reported that the last time the price of gas was over $2.60 on Feb. 15 was in 2014, when gas prices were $3.36/g.
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