Washington – Democratic control of the Senate gives President-elect Joe Biden a stronger chance of raising taxes on corporations and higher-income homes.
Until this week’s Georgia runoff elections, Mr. Biden’s plans for a tax increase were running in solid opposition to the Republican-controlled Senate. But now, Democrats will hold the White House, Senate and House together for the first time in more than a decade, and they are ready to use that power.
During his presidential campaign, Mr. Biden proposed raising taxes on corporations, estates and high-income homes, reversing key portions of the 2017 tax cuts passed by Republicans and reimagining policies that the Obama administration passed through Congress Could not get from Democrats spent the time between the November election and were looking into this week’s bipartisan agreement and investigating what the administration could unilaterally do.
Now, with some of Mr. Biden’s views more likely to become law, Steve Wamhoff of the Progressive Institute on Progressive Taxation and Economic Policy said that presidential-election plans are less far-reaching than some democratic alternatives and largely popular with the public. with.
“The issue was always, could Democrats find anything on the floor?” And the answer to that is now clearly ‘yes,’ said Mr. Wamhoff. “Biden wins after campaign to raise taxes on corporations and tax on the rich.”