Biden Admin Justifies Tax Hike Based On Racial Criteria

By Mike Fishmore | May 3, 2024

Risk of stagflation

The Biden administration's assessment of its revenue proposals for fiscal year 2025 suggests that targeted tax increases affecting white individuals more than others could help alleviate racial wealth inequality.
 

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The substantial government expenditure also poses a risk of stagflation for the U.S. economy, with first-quarter growth only at 1.6% and inflation remaining high at 3.5% in March year-over-year.
 

Raising taxes

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By raising taxes on capital gains and wealth based on income, the Treasury Department's analysis, released in mid-March, indicates that black and Hispanic families could see a reduction in wealth disparity.