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Biden's tax plan would push top individual income rate to highest among developed countries
Grover Norquist on taxes, possible expansion of IRS
Americans for Tax Reform President Grover Norquist on the debt ceiling, taxes, spending and infrastructure negotiations and the possible expansion of the IRS.
The U.S. would have the highest personal income tax rate in the developed world under a White House proposal that would overhaul the nation's tax code in order to fund President Biden's signature spending plan.
The framework that Biden unveiled costs roughly $1.75 trillion ($1,750,000,000,000), which includes funding for universal pre-kindergarten, a one-year expansion of the child tax credit, a modified Medicaid expansion and clean energy tax credits, among other things. It relies on a 15% corporate minimum tax, surtaxes on the top sliver of U.S. households, stricter tax enforcement, taxes on corporate stock buybacks and higher taxes on U.S. companies' foreign earnings.
BIDEN'S REVAMPED TAX PLAN TARGETS MILLIONAIRES, CORPORATE STOCK BUYBACKS
But the Biden team's proposal, which comes after months of negotiations among Democrats, would push the average top tax rate on personal income to 57.4%, the highest rate in the 38-member Organisation for Economic Co-operation and Development, according to a new analysis published by the non-partisan Tax Foundation.