Democratic presidential nominee Joe Biden has continued to tell Wall Street supporters that he will raise their taxes almost immediately after the election if he wins the presidency, people familiar with Biden's campaign have said.
Sources say the immediate tax raise stems from a need to raise funding for Biden's $2 trillion infrastructure package focusing on clean energy. The package would fulfill a campaign promise to jumpstart an economy battered by the coronavirus, as well as begin addressing the climate change concerns of left-wing voters.
A memo obtained by FOX Business from an investment firm connected to Biden's campaign showed corporate tax increases would rise from 21% to 28%. Taxation of foreign earnings from American companies would rise from 10% to 21%, and taxation of book income — the amount of money companies report on public financial statements — would be taxed at 15%
Biden's tax plan would also affect individuals. Although Biden says he would not raise taxes on people making less than $400,000, he says he would raise taxes on money made on investments, which is typically taxed at a lower rate than a salary. Biden's plan also increases the inheritance tax from 40% to 45% and lowers the threshold for taxable inheritance from $11.5 million to around $5 million.