8 Reasons Your Taxes May Increase Dramatically Under the Biden Administration gobankingrates.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gobankingrates.com Daily Mail and Mail on Sunday newspapers.
PUBLISHED 5:28 AM ET Feb. 10, 2021 PUBLISHED February 10, 2021 @5:28 AM
SHARE
A progressive-leaning think tank on Wednesday is set to release its budget and fiscal outlook for New York as the state s finances have been stress test by the COVID-19 pandemic and amid an ongoing debate over raising taxes on wealthy residents.
The Fiscal Policy Institute s annual report backed a variety of new and increased taxes on upper income earners and businesses, including an unearned income surcharge, a corporate tax surcharge, a Global Intangible Low-Tax Income, a pied-a-terre or second home tax and a stock transfer tax.
New York is seeking $15 billion from the federal government to shore up revenue lost during the pandemic.
To embed, copy and paste the code into your website or blog:
The Democrats’ “sweep” of the White House and both chambers of Congress means that it is all but inevitable that tax legislation will be introduced in 2021, but the razor-thin nature of the Democrats’ majority in Congress could mean that only a few of President Biden’s proposals will ultimately be enacted this year. Because President Biden’s tax plan is unlikely to receive the support of the 60 senators needed to avoid a Senate filibuster, the Democrats will likely need to rely on the reconciliation process to pass tax legislation, and the reconciliation process limits the scope and duration of some legislation. The Democrats will also likely need the support of more conservative Democrats, such as Senator Joe Manchin of West Virginia. In addition, while President Biden has broadly proposed certain tax law changes, he has not released a technical explanation of his tax plan, and his proposals have not been fles