WASHINGTON, United States | US President Joe Biden will propose Wednesday evening during his speech to Congress to cancel the tax cuts for the richest voted under Donald Trump and to attack the tax loopholes they benefit from.
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These tax reform proposals aim to finance a vast plan of 1.8 trillion dollars centered on education and assistance to families: 1000 billion in investments and 800 billion in tax cuts for the middle class.
Joe Biden will propose in particular to redo the maximum tax rate in the United States from 37% to 39.6%, in reverse of the measures adopted during the mandate of his predecessor, said an American official on condition of anonymity.
The Democratic president will also propose to increase taxes on capital income for the richest 0.3% of Americans. This tax rate would thus be almost doubled, going from 20% to 39.6%.
“The president’s tax program will not only return to the main gifts of the 2017 tax law, but will also reform the tax code so that the rich are subject to the same rules as everyone else,” said an American official, referring in in particular the elimination of tax loopholes for the wealthy.
These measures “will help ensure that the richest Americans pay the taxes they must pay and that anyone earning less than $ 400,000 a year does not see their taxes increase,” it was added. source.
The “Project for American Families”, which Joe Biden will present to parliamentarians gathered on Capitol Hill at 9 pm, will only be the beginning of a bitter fight in Congress.
If its plan to support the economy of 1900 billion dollars cleared the obstacle without any real difficulty, the discussions on its gigantic investment plans in infrastructure and education promise to be much more heated.