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Biden wants to raise taxes on wealthy Americans who got richer during pandemic
Biden’s tax hike may hit more US households than expected
Independent Women’s Forum Policy Director Hadley Heath Manning breaks down President Biden’s proposed tax plan.
President Biden is committed to fulfilling a key campaign promise and raising taxes on high-income earners amid growing evidence that many wealthy Americans benefited financially from the coronavirus pandemic.
Heather Boushey, a member of the White House Council of Economic Advisers, told Bloomberg News on Monday that "2020 really did show him that there were so many of the fragilities across society” that need to be addressed.
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For instance, the wealthiest 1% of U.S. households saw their collective fortune grow by more than $4 trillion last year, buoyed by record-high stock prices and an increase in property values. By comparison, the bottom 50% saw their fortunes increase by just $470 billion, according to Federal Reserve data.