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