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Biden's Bold Tax Reform Plan
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Overview
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President Biden's FY 2025 budget proposes tax increases, focusing on high-income individuals and capital gains to support a $7.3 trillion budget. Measures include raising the top federal income rate to 39.6%, hiking long-term capital gains taxes for high earners, and introducing a wealth tax on billionaires.
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How might these proposed tax increases impact high-income individuals and their investment strategies?
In what ways could these tax adjustments influence the overall economic landscape and government revenue?
What potential challenges or opposition could President Biden face in enacting these tax reforms?
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