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How Biden s taxes hit the richest but skip the suburban base Benjy Sarlin © Provided by NBC News WASHINGTON President Joe Biden is proposing trillions in new taxes, crafting a precise hike that would affect the wealthiest investors but not the kind of educated upper middle-class suburban voters who abandoned the Republican Party and helped push Democrats to recent victories. Biden’s plans include raising the corporate tax rate to 28 percent, changing how corporate earnings are taxed at home and abroad to boost revenue, requiring heirs to multimillion-dollar fortunes to pay taxes on inherited stocks, and nearly doubling the capital gains tax, but only for high earners, by treating it like regular income. Plus, he wants to boost IRS funding to increase audits of the same groups.

United statesAl iskandariyahSouth carolinaWhite houseDistrict of columbiaNew yorkTim scottCelinda lakeBarack obamaRob portmanJoe bidenEmmanuel saezGabriel zucmanBrian riedlManhattan instituteUniversity of california