Biden reportedly planning largest tax hike in almost 30 years

President Joe Biden is reportedly planning the largest hike in federal taxes in almost three decades to fund a long-term economic recovery program to follow in the footsteps of the recently passed $1.9 trillion stimulus package.

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Unnamed sources confirmed the plans to Bloomberg News over the weekend, reportedly indicating that the major tax hike — the first since 1993 — is expected to pay for key Biden administration initiatives such as "infrastructure, climate, and expanded help for poorer Americans."

But the sources said the planned changes are not designed to fund only the key priorities of the administration. With the tax hike, Biden's team hopes to address what Democrats argue are "inequities in the tax system itself." According to the Bloomberg report, the changes include: