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The economic policy of the Joe Biden administration, colloquially known as Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations.
“Biden proposes 44.6% capital gains tax, from current 19%. Can’t even come up with his own ideas taking a page out of Trudeau playbook who raised Canada to 66%,” he wrote in a recent post on X .
* The COVID-19 pandemic and the Great Resignation had a dramatic influence in statistics presented, including a sharp increase in unemployment rate at the time of changes from Trump to Biden. Annualized change in unemployment rate over each presidency from Truman to Biden, ordered from best-performing to worst-performing economic performance.
Student loans. One of Biden’s signature promises when elected was to help reduce the student debt burden carried by Americans, which today totals roughly $1.6 trillion dollars.In the summer of ...
Growth: Since Biden took office, the U.S. economy has grown 8.4% when adjusted for inflation, versus a 6.5% growth rate for the same time period under Trump, though the economy was growing at a ...
Wisconsin adopted a corporate and individual income tax in 1911, [152] and was the first to administer the tax with a state tax administration. The first federal income tax was adopted as part of the Revenue Act of 1861. [153] The tax lapsed after the American Civil War.
The Biden administration also wants to deny tax deductions for employee compensation above $1 million, quadruple the stock buybacks tax to 4%, eliminate certain tax subsidies and crack down on tax ...
The Biden administration provided a total of $120 million to support tribes impacted by the effects of climate change. The funding consisted of $25 million from the annual allocations for fiscal year 2023, $72 million from the Inflation Reduction Act, and $23 million from the Infrastructure Investment and Jobs Act. The program covered a variety ...