President Biden is now considering a tax increase to underwrite the program started by the passing of the new 1.9 trillion stimulus package, reported on Monday by Bloomberg. The tax increase will be the first major lift in federal taxes in almost 30 years.
According to the report, an analysis of the Biden campaign’s tax plan conducted by the Tax Policy Center found it would raise around $2.1 trillion over 10 years.
The tax increase is included as part of the infrastructure and the job packages and it will most likely repeal part of former President Trump‘s 2017 tax law that benefitted corporations and wealthy individuals.
Biden revealed his desire to raise taxes on everyone, including the middle class, during last year’s presidential debates.
“That’s why I’m going to eliminate the Trump tax cuts,” Biden said during his first debate with President Trump. And then as to emphasize his point, he said it again, “I’m going to eliminate those tax cuts.”
Biden seeks to spend $3 trillion more on Green New Deal-like policies after Congress finalizes his $1.9 trillion coronavirus relief legislation. https://t.co/i8mXRhb3Ef
— Breitbart News (@BreitbartNews) February 19, 2021
“His whole outlook has always been that Americans believe tax policy needs to be fair, and he has viewed all of his policy options through that lens,” Sarah Bianchi, Biden’s previous aide, told Bloomberg. “That is why the focus is on addressing the unequal treatment between work and wealth.”
According to Bloomberg, any tax hikes that are passed would most likely take effect beginning in 2022, which lawmakers have asked the Biden administration to hold off as pandemic-related unemployment remains high.
Democrats would need at least 10 Republicans to support the bill. But GOP members are ready to fight against any tax increase that could have negative effects.
People are rejecting Joe Biden's promised tax raises on Americans. https://t.co/6S7EnMP0Ec
— Breitbart News (@BreitbartNews) October 25, 2020
“We’ll have a big robust discussion about the appropriateness of a big tax increase,” Senator Mitch McConnell said last month, predicting Democrats would pursue a bill that bypasses the GOP and would aim for a corporate tax even higher than 28 percent.