While the richest Americans saw gains under Biden, he’s making moves to tax them more heavily to offset the cost of his next big expenditure: an infrastructure package that encompasses everything from universal pre-K to affordable childcare and education.
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While that may not impact the stock market much, Biden’s proposals do have some wealthier Americans scrambling and calling up their tax and estate advisors. A report from the Institute on Taxation and Economic Policy (ITEP) found that virtually all tax changes will be concentrated among the top 1% of Americans, who would see their taxes increase by an average of around $100,000 a year. Read more
