Biden plan to raise $1.8ish trillion with combo of higher capital gains, higher corporate taxes, and higher income tax rate for the top bracket
The biggest-ticket item would raise the corporate rate from 21% to 28%. That's worth $730 billion over 10 years, Impose a global minimum tax on profits from foreign subsidiaries: $550 billion. Tax capital gains as regular income for the wealthy and tax unrealized capital gains at death: $370 billion. Return the top individual rate for those making more than $400,000 to the pre-Trump rate of 39.6%: $110 billion. a 28% minimum rate on the wealthy, which would raise $220 billion, is unlikely to cross the finish line. making it harder for small businesses to claim deductions, which would bring in $140 billion, will likely encounter serious roadblocks. Changing the ways estates are taxed, which would raise $220 billion, may not make it into the final legislation.
Repealing the Trump tax cuts on the wealthy is a much easier lift. But it raises, at most, around $150 billion — not nearly enough to pay for the massive infrastructure project that "Amtrak Joe" is contemplating.