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James Biden, the president's brother, abandoned a clean-energy project based in the United Kingdom after a White House review over conflicts of interest.

The Financial Times reported Thursday that Biden had created an investment vehicle last month with a UK lawyer and two Argentine businessmen. He Biden reportedly launched the business, known as 2BT, with his wife Sara Jones Biden and partner Peter Teare.

The company then established Shelbourne Partners to “explore prospective investment opportunities, particularly in the clean-energy sector," Teare told the FT.

Biden later parted ways after the White House counsel’s office conducted a review as part of the administration's new ethics rules, which are designed to ensure the president's family finances do not conflict with any official government business.

“The president adopted ethics rules and standards for his administration that surpass those of any other administration in history, and include standards for his relatives,” a White House official told the British newspaper.

The official went on to say that after a review is conducted, the White House advises family members on whether they should proceed, but it is up to the family to make the final decision.

Teare suggested to the newspaper that it would be "mistaken" to assume that the plans to abandon the energy project were due to the review, but declined to “discuss James’ and Sara’s private business affairs including the reasons why they may decide to pursue a particular opportunity or not.” 

President BidenJoe BidenJill Biden, Kate Middleton to meet this week Al Gore lobbied Biden to not scale back climate plans in infrastructure deal White House briefed on bipartisan infrastructure deal but says questions remain MORE in January told CNN that his family would no “not be involved in any business, any enterprise that is in conflict with or appears to be in conflict, where there’s appropriate distance from, the presidency and government," according to the Times.

Former President TrumpDonald TrumpTrump DOJ seized House Democrats' data from Apple Iowa governor questions lack of notice on migrant children flights to Des Moines Senate confirms first Muslim American federal judge MORE was often criticized for crossover between his family's businesses and his official government work.

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Analysis says Bidens tax plan will effectively cut lower- and middle-class wages

More On: taxes Biden’s ‘death tax’ threatens to hit New Yorkers especially hard ‘Exodus of the rich’ to Florida threatens disaster for NYC NYC real estate biz is fighting bevy of new taxes, regulations Letters to the Editor — June 13, 2021

Here’s something new to worry about when it comes to President Biden’s tax plan: It could hit you in the paycheck.

A new analysis from the Tax Policy Center shows the White House’s plan to hike the minimum rate on corporate taxes to 28 percent from the current rate of 21 percent will effectively hit the finances of lower- and middle-income taxpayers to the tune of $300 — in the form of lower wages.

Some readers may have understandably been scratching their heads on Monday when the Tax Policy Center’s report got released, as its verbiage framed the hit as an actual tax increase.

“About three-quarters of middle-income households would face a tax increase averaging about $300,” according to the paper by Howard Gleckman. “But nearly all would be a result of those higher corporate taxes.”

Reached after the report’s publication, Gleckman clarified that the $300 was actually a reference to his projections of lost compensation. In addition to companies cutting wages to offset higher tax bills, Gleckman predicts that anyone with a 401K will likely see their net worth shrink as the tax plan deflates the stock market.

President Biden’s plan won’t directly levy taxes on the middle class but they could still be hurt by the corporate tax hike.AP

Companies also will raise prices on goods and services — for everything from groceries to plane tickets — to offset the increase in taxes, further adding to their bills, Gleckman says.

“For those looking to see if Biden kept his promise to not raise taxes for those making $400,000 or less, the answer is: Mostly, but not entirely,” according to Gleckman.

The White House also is pushing the benefits of the Child Tax Credit, the Earned Income Tax Credit, and Child and the Dependent Care Tax Credit as saving hundreds or even thousands for lower and middle income households.

For those who are able to take advantage of those credits, the benefits may dwarf any decrease in income. Indeed, whether a person is better off under the new tax plan will hinge almost entirely on whether or not they have children.

One thing, however, looks certain: As Biden, in addition to hiking corporate taxes, raises capital gains taxes on the wealthiest to 43.4 percent from 23.8 percent to pay for trillions of dollars in infrastructure spending, it’s the richest one percent who will shoulder the costs of everybody else’s reduced individual rates.

Filed under corporate taxes ,  income ,  joe biden ,  on the money ,  tax reforms ,  taxes ,  white house ,  6/22/21

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