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The Biden Tax Idea That Will Hit You. Good and Hard.
We haven’t seen details of President Biden’s “Made in America Tax Plan.” It’s designed to pay for his $2 trillion “infrastructure” plan. All we have is an 18-page description published by the Department of the Treasury. But it’s a good guess that we will get all the details when the White House finally sends its FY2022 budget and supporting materials to Congress, likely after he finally delivers his first State of the Union (SOTU) address before a Joint Session of Congress on April 28, right before his 100th day in Congress. That’s a popular but meaningless benchmark that journalists like to write about.
But one needs to go back to the 2020 campaign and read or hear what then-candidate Biden promised as part of his tax plan. We know that he promised to repeal the “Trump Tax Cuts” that lowered tax rates for everyone and really lowered corporate income tax rates from the world-highest 35% to 21%. Biden also promised not to raise taxes on incomes of less than $400,000 per year.
Arizona has been a welcoming environment for voter-led initiatives. If you produced enough signatures, you could get damn near anything on the ballot. The statehouse tightened up the requirements after 2006, which featured 19 propositions — some of which contradicted each other.
Arizona voters have some serious ‘splaining to do about the passage of Prop. 208, which raised education funds by boosting income tax rates up to 98% for high-income filers. How could this have happened?
