Bloomberg: Biden Determined to Tax Rich After Windfalls From Covid Crisis (Mar. 22, 2021)

Bloomberg News is reporting that President Biden is determined to increase taxes on the wealthy, with that determination being reinforced by reported windfalls experienced by the wealthy during the pandemic during the “K-shaped” recovery. The Bloomberg article begins as follows:

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.

See full article by clicking Bloomberg: Biden Determined to Tax Rich After Windfalls From Covid Crisis (Mar. 22, 2021).

See also Roadmap for BidenTax Increases? Batchelder & Kamin, Taxing the Rich: Issues and Options (Sept. 18, 2019, Updated Feb. 1, 2020).

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s