Tax Hike Chaos: Joe Biden Accused Of Using 'Racial Criteria'

By Mike Fishmore | May 18, 2024

Raising taxes

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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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. 
 

White families

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This is because white families tend to own assets subject to capital gains tax or fall into higher tax brackets, making them more likely to benefit from tax hikes in these areas.