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Ultra-rich fear Biden will close their favorite tax loopholes The president s tax package could take aim at a long list of sometimes obscure deductions, exclusions and loopholes that are favorites of the 0.1%. April 27, 2021 6 MINS The rich shouldn’t be too afraid of Joe Biden’s tax plans. It’s the really rich who should be getting nervous. The president is set to unveil a tax package Wednesday that promises to raise revenues on those earning $400,000 or more a year. But executives and professionals making over $500,000 annually already pay relatively high tax rates. What has potentially far greater ramifications is that Biden and Democrats in Congress are threatening to target a much wealthier group the growing number of Americans with fortunes starting in the tens of millions of dollars who often pay lower tax rates than many middle-class families.

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