***The Iowa Standard is an independent media voice. We rely on grassroots financial supporters to exist. If you appreciate what we do, please consider a one-time sign of support or becoming a monthly supporter (even just $5/month would go a long way in sustaining us!) We also offer advertising options for advocacy groups, events and businesses! If you’ve ever used the phrase “Fake News Media” — this is YOUR chance to do something about it! You can also support us on PayPal at [email protected] or Venmo at Iowa-Standard-2018 or through the mail at: PO Box 112 Sioux Center, IA 51250 Thank you so much for your support and please invite your friends and family to like us on Facebook, sign up for our email newsletter and visit our website!***

Bloomberg News is reporting that President Joe Biden is preparing to institute the “first major federal tax hike” in nearly three decades.

The move comes after Biden signed the $1.9 trillion COVID relief package.

Bloomberg News said that the next initiative “is expected to be even bigger” and it won’t rely just on government debt as a funding source.

“While it’s been increasingly clear that tax hikes will be a component — Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for, and pointed to higher rates,” Bloomberg News reported.

It is expected that corporate tax rates and the individual rates for high earners will be increased.

Elements to the increase could include raising the corporate tax rate from 21 percent to 28 percent; paring back tax preferences for pass-through businesses; raising the income tax rate on individuals earning more than $400,000; expanding the estate tax’s reach and a higher capital-gains tax for individuals earning at least $1 million annually.

Author: Jacob Hall