The Hill has published an article by Naomi Jagoda, “Biden tax-hike proposals face bumpy road ahead,” which discusses the potential difficulties Democrats will face in passing tax-increase legislation that appeases both the moderate and progressive sides of the party. The article begins as follows:
President-elect Joe Biden and congressional Democrats have signaled plans to raise taxes on wealthy individuals and corporations, but significant hurdles remain even with Democratic majorities in the House and Senate.
This month’s Democratic sweep of Senate runoffs in Georgia, giving Democrats control of the Senate for the first time since 2014, increases the odds of tax proposals advancing through Congress. However, slim margins in both the House and the Senate mean enacting tax increases will prove challenging.
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Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.