Right after the largest ever stimulus bill of $1.9 trillion US President may be looking at a hike in federal tax rate. Such a hike if implemented would be the first since 1993.
Bloomberg reports that as per sources the hike in tax rate will help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill.
The planned increases reportedly include: raising the corporate tax from 21 percent to 28 percent; increasing the income tax rate on people making more than $400,000; expanding the estate tax and setting up a higher capital gains tax rate for individuals making at least $1 million.