Hany Elnaggar News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Turning point in US tax policy US President Joe Biden announced a $1.8 trillion plan to improve the country’s social safety net. This is in addition to other plans to increase infrastructure investment and stimulate economic growth during the COVID-19 pandemic. The American Families plan, alongside the Made in America tax plan, may lead to the first US federal tax increases since 1993. The Biden administration has hopes of raising the corporate tax rate from 21% to 28%, as well as increasing the top income tax rate from 37% to 39%. These plans are projected to raise $1.5 trillion. This could be a game-changer in US politics. Almost 80% of the US public supports the American Families plan, but the big question is whether the administration can secure enough support in Congress to enact the plan.

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