Major Tax Hike

Major+Tax+Hike

Makayla Childs, Writer

President Joe Biden plans on hiking up the tax prices as of tomorrow. The only reason for taxes hiking up is that it has to recover the covid relief packages that went out to cover the dramatic loss in the economy. It’s gonna be the first major federal tax hike since 1993 to help pay for the long-term economic program. Since the 1.9 trillion stimulus package, Biden has to find a way to recover the money that he’s lost since he came into office. White House economist Heather Boushey underlined that Biden doesn’t intend to boost taxes on people earning less than $400,000 a year. Instead, it stated that people who’ve benefited instead of going through a dramatic drop like everyone making under 400,000 or the people who lost their jobs. Taxes will only be raised on people who are making more than 400,000 or so they believe.