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President Joe Biden delivers remarks at the 2021 National Prayer Breakfast, Feb. 4, 2021. | YouTube/NewsNation Now
Not all Democrats have guzzled the modern monetary mania that the national debt, currently at $68,400 per citizen or $183,000 per taxpayer, doesnât matter. To pacify them, President Biden proposes raising taxes to pay for some of his binge spending.Â
He wants to raise the top marginal income tax rate to 39.6% from 37% and nearly double taxes on capital gains to 39.6% for people earning more than $1 million. President Trump had reduced corporate tax rate from 35% to 21% and Biden wants to raise it to 28%. Finally, Biden wants to raise gasoline taxes, the most regressive of all taxes.Â
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