Reported about 1 year ago
The potential approval of Joe Biden's tax hike proposal could lead to financial challenges for American citizens, particularly retirees, amid concerns about inflation impacting the value of assets. Biden's planned tax increases for the 2024 fiscal year include raising rates for corporate, individual, and capital gains income, potentially resulting in negative returns exacerbated by inflation. These measures could significantly impact families' ability to save for retirement, create emergency funds, and manage everyday expenses with rising living costs. Furthermore, the tax changes could lead to job losses and economic output reductions, pending approval by Congress.
Source: YAHOO