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Biden’s Tax Plan Will Hit People Earning Over $400,000 Hardest

March 15, 2021, 5:55 PM

With the Covid-19 relief bill behind him, U.S. President Joe Biden is turning his attention to the next item on his agenda: tax reform.

He’s said to be planning the first major federal tax hike since 1993, with the aim of delivering on one of his campaign promises. Biden’s proposal will mostly affect those earning more than $400,000 a year and could prove to be the vehicle with which he’ll pay for some of his long-standing economic and infrastructure plans.

The Biden administration is drawing up its plan at a time when at least half a dozen states are also considering raising ...