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Illustration: Sarah Grillo/Axios

President Biden's proposed tax hikes on the wealthy could apply to at least some 2021 earnings, White House economic adviser Heather Boushey told the Axios Re:Cap podcast on Wednesday.

Why it matters: The administration has said it wants to raise income and capital gains rates on the richest Americans to offset new spending, but has not yet specified when it wants those increases to go into effect.

  • "They will go into effect as Congress pulls together the plans and gets them passed and gets them to the president's desk," Boushey explained.
  • When asked directly if the tax increases could apply to 2021 earnings, she replied: "If Congress were to act that quickly."

In a prior Axios Re:Cap interview, White House economic adviser Jared Bernstein said that a proposed corporate tax increase would not go into effect until 2022.

Listen to today's episode:

Go deeper

Updated Apr 28, 2021 - Politics & Policy

Biden's latest $1 trillion+ plan

Photo: Drew Angerer / Getty Images

President Biden on Wednesday will present his third $1 trillion+ package to Congress since taking office, asking for $1.8 trillion in new spending to expand the American education system, provide more help for childcare and create millions more jobs.

The big picture: Biden is also proposing a series of tax hikes on the rich, which his administration vows will not hit Americans who make less than $400,000 and households with less than $1 million in capital gains.

Scoop: Biden plans to ask Congress to pay for $1.8 trillion in new spending

President Biden speaks about updated CDC mask guidance from the North Lawn of the White House on Tuesday. Photo: Drew Angerer/Getty Images

President Biden plans to ask Congress to pay for the entirety of the $1.8 trillion in new spending on health care, child care and education he’ll unveil on Wednesday night, people familiar with the matter tell Axios.

Why it matters: Biden’s decision to fully offset both the $2.25 trillion American Jobs Plan he announced last month, and the $1.8 trillion American Families Plan being rolled out in his joint address, all but guarantee big political battles on both the spending and tax sides of the combined $4 trillion proposal.

Apr 27, 2021 - Politics & Policy

Biden committed to capital gains tax hike for rich

Marine One departs from the Ellipse after dropping off President Biden on Sunday. Photo: Tasos Katopodis/Getty Images

President Biden is committed to increasing capital gains taxes for the richest Americans when they die, before they pass wealth to their heirs, according to people familiar with the matter.

Why it matters: Eliminating the so-called stepped-up basis is central to Biden’s plan to find additional revenue to pay for the roughly $1.5 trillion in new spending he'll unveil during a major speech Wednesday night.

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