Biden tax hike program relaunched as Democrats win Senate


WASHINGTON – Democratic scrutiny of the Senate gives President-elect Joe Biden a much stronger chance to raise taxes on high-income businesses and households.

Until this week’s Georgia runoff, Mr. Biden’s tax hike plans met with strong opposition from the Republican-controlled Senate. But now Democrats will hold the White House, Senate and House simultaneously for the first time in over a decade, and they are ready to use that power.

During his presidential campaign, Biden proposed to increase taxes on corporations, estates and high-income households, reversing key elements of the 2017 tax cuts adopted by Republicans and repeating policies that the Obama administration couldn’t get it through Congress. Democrats had spent the time between the November election and this week’s run-off examining bipartisan compromises and considering what the administration could do unilaterally.

Now some of Mr Biden’s ideas are much more likely to become law, said Steve Wamhoff of the Progressive Institute on Taxation and Economic Policy, who said the president-elect’s plans are less ambitious than some Democratic alternatives. and are widely popular. with the public.

“The problem has always been: Could Democrats get something off the ground? And the answer to that question is now clearly ‘yes’, ”Mr. Wamhoff said. “Biden won after campaigning to raise taxes on businesses and raise taxes on the rich.”

Source link