Biden is considering a tax increase to underwrite his $1.9 trillion stimulus package, a report says. The tax hike will be the first in nearly 30 years.
Bloomberg quotes unnamed sources to highlight the fact that tax raises will pay for President Biden’s promises made during his campaign.
An analysis of Biden’s tax plan, done by the Tax Policy Center, found it would increase taxes by almost $2.1 trillion over ten years, according to the data.
Tax raises included as part of job packages and infrastructure will likely involve repealing a portion of Trump‘s 2017 tax law that helped corporations, the news outlet says.
Biden has twice expressed his desire to increase taxes on everyone, even the middle class, during the debates.
“That’s why I will remove Trump’s tax cuts,” Biden said during his first debate with President Trump. And then, to push his point further, he repeated his plan, “I will eliminate those tax cuts.”
Biden seeks to spend $3 trillion more on Green New Deal-like policies after Congress finalizes his $1.9 trillion coronavirus relief legislation. https://t.co/i8mXRhb3Ef
— Breitbart News (@BreitbartNews) February 19, 2021
“His whole view is that Americans want taxation to be fair,” ex-Biden aide Sarah Bianchi said to reporters. “That is why his focus is on dealing with the unequal treatment between wealth and work.”
Any tax raises that are enacted would probably start in 2022, and some lawmakers have asked the administration to wait as pandemic-related unemployment stays high.
Democrats would require at least 10 GOP members to pass the bill under regular Senate rules. But Republicans are ready for a battle:
People are rejecting Joe Biden's promised tax raises on Americans. https://t.co/6S7EnMP0Ec
— Breitbart News (@BreitbartNews) October 25, 2020
“We’ll have a large discussion about any tax increase,” Senate Minority Leader Mitch McConnell said recently, predicting Democrats would push a reconciliation bill that goes around Republicans and would push for a corporate tax higher than 28percent.