President Joe Biden is reportedly planning the largest hike in federal taxes in almost three decades to fund a long-term economic recovery program to follow in the footsteps of the recently passed $1.9 trillion stimulus package.
Unnamed sources confirmed the plans to Bloomberg News over the weekend, reportedly indicating that the major tax hike — the first since 1993 — is expected to pay for key Biden administration initiatives such as "infrastructure, climate, and expanded help for poorer Americans."
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