Fortune: Biden Plots Tax Hikes on Corporations and High-earners to Fund Ambitious Infrastructure Plan
media mentionShould the President get the rest of the Democratic caucus on board with his vision of a massive infrastructure bill funded by higher taxes on corporations and wealthy individuals, Biden could have yet another legislative victory on his hands—one even bigger and more significant than his coronavirus stimulus bill, with further-reaching economic consequences that could resonate for years to come.
And while such an aggressive attempt by a Democratic President to raise taxes would usually draw ample scrutiny—including accusations of “taxing and spending” from Republican opponents—Biden may well be operating in a different political environment, one with more support for redistributive fiscal policies during a time of economic inequality and hardship.
As ITEP’s [Steve] Wamhoff notes, raising taxes on the wealthy and corporations is exactly what Biden and many of his fellow Democratic presidential candidates ran on during the 2020 campaign.
“When you looked at the Democratic primary, everyone was talking about raising trillions of dollars in progressive ways,” he says. “Biden really did campaign on raising taxes on rich people and corporations, and he won doing that. There are a lot of people who really do support progressive tax increases because they think it’s the right thing to do, and that corporations and the wealthy aren’t paying their fair share.”