The Biden plan, for instance, would raise nearly $200 billion per year from higher income taxes, $180 billion per year from higher business taxes and $52 billion per year from higher estate taxes.
That’s only one-tenth of the money Biden wants from his other tax changes. Yet even if it worked, the tax would apply to only around 700 people and raise maybe $20 billion a year, or $200 billion over a decade. This hasty pivot from sensible tax hikes to unproven ones gives a sham vibe to the Democrats’ entire legislative agenda.Īmericans have no problem with higher taxes on billionaires. If it stands, it won’t even raise that much money. The billionaire tax may be unconstitutional and will likely face legal challenges, if enacted. Other countries have, but usually with poor results. Congress has never imposed a billionaire asset tax. You could argue the merits of Biden’s plan, but the tax changes were easy to understand and explain.īut now the Biden tax hikes seem to be dead, with the main Democratic idea being a new tax on certain assets held by billionaires. He wanted to raise the corporate tax rate from 21% to 28%, raise the top individual income tax rate by 2.6 percentage points, boost capital gains taxes on the wealthy and make other changes that would mostly affect high-income Americans.
When he took office, President Biden proposed some straightforward tax hikes to raise revenue for an ambitious green-energy and social-welfare agenda. Because the tax plan they’re producing after 8 months of interparty bickering is beginning to look like an overcomplicated, indefensible mess. (AP Photo/Andrew Harnik)Ĭongressional Democrats need a KISS-as in keep it simple, stupid. House Speaker Nancy Pelosi of Calif., arrives for a meeting with House Democrats on Capitol Hill in Washington, Tuesday, Oct.
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