Biden’s Tax Plan: What It Means for You

**President Biden’s tax plan: What it means for you**.

President Biden has proposed a number of changes to the US tax code, including raising taxes on corporations and wealthy individuals, and expanding tax credits for low- and middle-income families. The plan is designed to raise revenue to fund new social programs and infrastructure projects, and to reduce income inequality..

**Key provisions of the plan:**.

* **Raising the corporate tax rate from 21% to 28%.** This would raise an estimated $2.5 trillion over the next decade..

* **Raising the top individual income tax rate from 37% to 39.6%.** This would affect only the top 1% of earners..

* **Increasing the capital gains tax rate for high-income earners.** This would affect people who sell stocks or other assets for a profit..

* **Expanding the child tax credit and making it fully refundable.** This would provide up to $3,600 per child for low- and middle-income families..

* **Creating a new earned income tax credit for low-income workers without children.** This would provide up to $1,500 per year..

* **Expanding the Affordable Care Act’s premium tax credits.** This would help make health insurance more affordable for low- and middle-income families..

**How the plan would affect you:**.

The impact of the plan on your taxes will depend on your income, family size, and other factors..

* **If you are a high-income earner,** you will likely pay more in taxes under Biden’s plan..

* **If you are a low- or middle-income earner,** you may see a tax cut or receive new tax credits..

* **If you are a corporation,** you will likely pay more in taxes..

**The plan is currently being debated in Congress.** It is unclear if it will be passed in its current form, or if it will be modified. The plan is likely to face opposition from Republicans, who argue that it will hurt businesses and the economy..

**The plan has been praised by Democrats,** who say that it will make the tax code fairer and help to reduce income inequality..

**The plan is a significant change to the US tax code.** It is important to understand how it could affect you before it is passed into law..