How Biden’s Tax Hike Affects Oil

President’s Biden’s administration is reportedly planning the first major tax increase in nearly three decades in the next economic stimulus package. The president is reportedly planning to include the first major tax hike since 1993 in the next spending bill following the $1.9 trillion coronavirus relief package that Congress has already approved. That initiative is expected to be even more ambitious, clocking in at ~$4 trillion. However, unlike previous stimulus bills, it won't rely solely on government debt as a funding source; rather,…