More taxes
The White House will propose $1 trillion worth of new taxes, according to Sarah Bianchi, head of U.S. public policy and political strategy at Evercore ISI and the former director of economic and domestic policy for then Vice President Joe Biden.Officials including Treasury Secretary Janet Yellen have started suggesting what will be in the White House plan. Bianchi says hiking the corporate tax rate to 28% from 21%, establishing a global minimum tax and raising what’s called the global intangible low-taxed income rate to 21% will be in his plan. The plan will probably include nearly doubling capital-gains taxes on those with income over $1 million, and likely will include taxing unrealized gains at death, ending carried interest and raising the top individual income-tax rate. Also will include restoring the 2009 estate tax policies, limiting individual deductions, phasing out some business income deductions and establishing a financial transactions tax.
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