UHND.com - Notre Dame Football, Basketball, & Recruiting

burdensome...here's an excerpt...
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The Big Drivers

Biden’s proposed tax cuts include expansions of the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC), both of which primarily benefit low- and moderate-income households. TPC estimates a smaller overall benefit from Biden’s CTC changes than the Administration, in part because TPC was unable to model some proposed CTC revisions. Those features could significantly affect the CTC proposal’s cost and distributional impact.

The biggest single source of tax hikes on high income households is Biden’s proposal to raise the top rate on capital gains from 20 percent to 39.6 percent.

Other important tax increases for high-income households: Biden’s proposed increase in the top rate for wages and salary income to 39.6 percent, and his proposed expansion and rate hike for the Net Investment Income Tax. Biden’s minimum tax on individuals with more than $100 million in wealth affects only about 20,000 households but would be substantial tax increase for those who get hit.

Finally, as investors and highly paid workers, high-income households would pay a larger share of Biden’s proposed corporate income tax increases. They include a higher corporate income tax rate and tough new tax rules on US-based multinational corporations.

The president is nothing if not consistent. As Biden has made clear since his 2020 campaign, he wants to raise taxes substantially on high-income households and corporations and provide modest tax cuts to low- and moderate-income households. And, like it or not, that’s what his budget does.
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I will say that Ray Dalio is correct in saying that the U.S. Wealth Inequality level is a major problem...he just doesn't seem to understand how it's happening. BTW, Ray is also a member of the "Volcker Alliance" and didn't get caught up in the highly leveraged Wall Street collapse of 2007.

https://en.wikipedia.org/wiki/Ray_Dalio


Link: https://taxpolicycenter.org/taxvox/bidens-budget-would-raise-taxes-high-income-households-cut-them-many-others