(TheRedWire.com) – Democrats have promised to tax the rich for decades. In recent weeks, President Biden proposed paying for a massive $2.3 trillion infrastructure bill largely through taxes instead of debt. He’s even gone out of his way to say he isn’t punishing success. Yet, once again, the Democratic Party is targeting the wealthy to fund that program.
President Joe Biden is weighing a new slate of tax hikes aimed at wealthy households to finance the second phase of his multitrillion-dollar infrastructure plans https://t.co/UQkoT2cN7i
— POLITICO (@politico) April 19, 2021
Proposals like curtailing itemized deductions for the rich, increasing their SS taxes and stiffening the estate tax are leading some to express concerns that Biden is fomenting class warfare. The issue is likely to become a very contentious tax proposal. Republicans already drew a line in the sand against tax hikes against corporations, and they are likely to dig in even more if Democrats try to tax wealthy families. The problem could even impact moderate Democrats in wealthier communities who think it’s too soon to raise taxes before the country is out of the pandemic.
Taking more money from individuals over corporations carries a lot of political risks for Democrats. Nothing is in stone as of Monday, April 19, but you can expect to hear more class warfare chatter as Democrats settle on how to pay for their massive spending.
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