WASHINGTON – Democratic control of the Senate gives President-elect Joe Biden a much greater chance of raising taxes for high-income businesses and households.
Until this week’s second election in Georgia, Mr. Biden’s plans for tax increases met stiff opposition from the Republican-controlled Senate. But now, for the first time in more than a decade, Democrats will hold the White House, Senate, and House at the same time, and they are ready to use that power.
During his presidential campaign, Mr. Biden proposed increasing taxes on high-income businesses, estates, and households, reversing significant portions of the 2017 tax cuts by Republicans, and reiterating policies that the Obama administration would not pass through Congress. could get. The Democrats had spent the time between November’s election and this week’s run-offs looking at two-pronged compromises and what the government could do unilaterally.
Now it is much more likely that some of Mr. Biden’s ideas will become law, said Steve Wamhoff of the Progressive Institute for Taxation and Economic Policy, who said the president-elect’s plans are less far-reaching than some democratic alternatives and in general. are popular. with the audience.
The question has always been, can Democrats get anything on the floor? And the answer to that is now clearly ‘yes’, ”said Mr Wamhoff. “Biden did win after campaigning to raise taxes for businesses and raise taxes for the rich.”