President Biden’s plan to tax the richest American citizens is seeing resistance at his home turf!

Democratic Senator Kyrsten Sinema from Arizona joined other lawmakers who opposed Biden’s “build back better” plan, aimed at speeding up the economic recovery of the country after the COVID-19 pandemic, although its primary purpose is to accelerate the fulfillment of the far-left agenda.

Sinema’s stance on the government’s taxation policies has so far seemed ambiguous.

However, according to the Wall Street Journal, Sinema told anti-tax lobbyists about her stance, thus joining other Senators, including Democratic Senator Joe Manchin from West Virginia, who criticized the timing and size of the U.S. $3.5 trillion plan.

Manchin allegedly even threatened to leave Democratic Party if the irresponsible spending plan is adopted.

He said that, before doing so, he would write to the Senate majority leader Chuck Schumer, adding that Democrats should elect “more progressives” if they want to adopt policies of massive spending.

According to Manchin, the stimulus package should be cut in half and involve around $1.75 trillion.

Sinema’s unclear vote might, however, be the one to determine the outcome of Biden’s plan.

Some insiders speculate that Sinema does not support any tax increases aimed at individuals and big corporations.

Reportedly, she does not plan to vote for Biden’s social spending package until the U.S. $1.1 trillion infrastructure plan, supported by both parties, is adopted by the House.

Massive spending plan

The Biden Administration’s bill is aimed at massive spending for various purposes, ranging from unemployment benefits to green policies.

To achieve its ambitious goals, the federal government plans to increase three tax rates.

The first of them would be the income tax rate for individuals earning above $400,000 per year. Instead of 37 percent, the tax rate aimed at the highest earners is planned to rise to 39.6 percent.

Biden’s government also intends to increase the corporate income tax rate from the current 21 percent rate to a 26.5 percent rate.

If adopted, this increase would apply only to corporations earning more than $5 million annually.

Finally, the White House plans to increase the tax rate aimed at capital gains, raising it from 20 to 25 percent.

This increase would concern only those earning above $400,000 per year on capital gains.

The coming weeks and months would reveal whether Biden’s tax policy would be adopted.

If it receives sufficient approval from lawmakers, it might significantly alter the landscape of American policy.

Only time will tell whether such a change would do good or bad.