Share
The Wall Street Journal
Joe Biden wants to combat climate change, repair the country’s crumbling infrastructure, improve education and expand government-financed health care.
To finance that ambitious agenda, the Democratic presidential candidate plans to raise taxes by about $4 trillion over a decade through levies on corporations and high-income households.
Easier-to-adopt policies include raising the corporate tax rate from 21%, reversing the 2017 tax cuts on individual income above $400,000 and increasing estate taxes. The more a tax increase falls on corporations or the very rich, the more Democrats embrace it. Those changes could raise more than $1.5 trillion.
But some of Mr. Biden’s tax increases on specific industries could be tougher to get through Congress. Those include imposing a financial-transactions tax and repealing a provision that allows real-estate investors to avoid capital-gains taxes by quickly reinvesting proceeds of a transaction. And some lawmakers may want to wait until the recovery is on surer footing before imposing tax increases that could slow it down.
By Richard Rubin | 16 Aug 2020
RELATED TOPICS:
US B-2 Bombers Involved in Iran Strikes, U.S. Official Says
2 hours ago
Trump Says US Forces Bombed Iran Nuclear Sites, Says ‘Fordow Is Gone’
2 hours ago
Pakistan to Nominate Trump for Nobel Peace Prize
7 hours ago
Two Days of Terror: How the Minnesota Shooter Evaded Police and Got Caught
7 hours ago
Congress Members Split Over US Attack on Iran
8 minutes ago
Categories

Congress Members Split Over US Attack on Iran

Investors Brace for Oil Price Spike, Rush to Havens After US Bombs Iran Nuclear Sites

Investors React to US Attack on Iran Nuclear Sites

US B-2 Bombers Involved in Iran Strikes, U.S. Official Says

Trump Says US Forces Bombed Iran Nuclear Sites, Says ‘Fordow Is Gone’
