WASHINGTON – Democratic Senate control gives President-elect Joe Biden a much higher chance of raising taxes on high-income businesses and households.
Until this week’s Georgia election, Mr. Biden’s tax increase plans met with strong opposition from the Republican-controlled Senate. But now Democrats will simultaneously hold the White House, Senate and House for the first time in more than a decade, and are willing to use that power.
During his presidential campaign, Biden proposed raising taxes on high-income businesses, farms and homes, reversing key parts of the Republican-approved 2017 tax cuts, and resuming policies that the Obama administration could not achieve. through Congress. Democrats had spent time between the November election and this week’s playoffs studying bipartisan compromises and examining what the administration could do unilaterally.
Now, some of Mr. Biden’s ideas are much more likely to become law, said Steve Wamhoff of the Progressive Institute on Taxation and Economic Policy, who said the president-elect’s plans are shorter than some. democratic alternatives and which are generally popular. with the public.
“The question was always, could Democrats get something on the word? And the answer to that now is clearly yes,” Wamhoff said. “Biden won after campaigning to raise corporate taxes and raise taxes. taxes on the rich “.