In addition, a tax hike for wealthy individuals (with an annual income of $400,000 or more) and a higher capital-gains tax rates (for high-net-worth individuals earning at least $1 mln annually) is under consideration. Raising all four taxes would bring in $2.1 trln over 10 years. Funds are needed by the American budget, which is running a record deficit since World War II against the backdrop of large-scale programs to help businesses and households.
The attitude towards taxes is a fundamental difference between Republicans and Democrats. This is why the Republicans are sometimes referred to as the party of the rich and the Democrats as the party of the poor. However, this issue will have little impact on pulling the country out of the recession. Here the key factors are the lifting of restrictions and the vaccination drive.