Biden Determined to Tax the Rich After Windfalls From Covid Crisis

[DonViejo]

By Nancy Cook
March 22, 2021, 2:00 AM EDT Updated on March 22, 2021, 9:24 AM EDT

Key aides have worked on proposals to tax wealthy for years.

Impetus for revamping tax regime grew with ‘K-shaped’ recovery

President Joe Biden’s economic team at the White House is determined to make good on his campaign pledge to raise taxes on the rich, emboldened by mounting data showing how well America’s wealthy did financially during the pandemic.

With Republican and business-lobby opposition to the administration’s tax plans stiffening, Democrats need to decide how ambitious to be in trying to revamp the tax code in what’s almost-certain to be a go-it-alone bill. Interviews with senior officials show there’s rising confidence at the White House that evidence of widening inequality will translate into broad popular support for a tax-the-wealthy strategy.

Biden himself has become convinced of the need, saying last week that those earning over $400,000 can expect to pay more in tax.

“2020 really did show him that there were so many of the fragilities across society” that need addressing, Heather Boushey, a member of the White House Council of Economic Advisers, said in an interview. Funding spending priorities given a shortfall in revenues from the 2017 Republican tax cuts “has really demanded the president sit down and think about both the enormous needs, and these questions we’re talking about as to how we tax,” she said.

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https://www.bloomberg.com/news/articles/2021-03-22/biden-determined-to-tax-rich-after-windfalls-from-covid-crisis

[Indykatie]

1. Biden Ran on a Promise to Raise Taxes on the Rich and Should Find Broad Public Support For Doing So

[PoliticAverse]

2. Will he find 50 vote support in the Senate? n/t