The Daily
The Accidental Tax Cutter in Chief
Apr 3, 2024
Jim Tankersley, an economic policy reporter for The New York Times, dives into the unexpected reality of President Biden's tax policies. Despite campaigning on tax hikes for the wealthy and corporations, Biden's administration has actually seen a $600 billion net tax cut. Tankersley discusses the paradox of increasing tax incentives while promising reforms. He also touches on ambitious wealth tax strategies and the evolving Democratic approach to resonate with the working class amidst political challenges.
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Quick takeaways
- Despite President Biden's aim to increase taxes on the wealthy, his policies have resulted in a net tax cut of $600 billion.
- Biden faces challenges in raising taxes due to lack of congressional support, leading to emphasis on tax fairness rhetoric.
Deep dives
President Biden's Tax Agenda
President Biden's campaign promise to raise taxes on the wealthiest Americans and big corporations has not materialized as he has actually cut more taxes than raised. Despite intentions to make the rich pay their fair share, Biden's tax policy has resulted in a net tax cut of $600 billion, focusing on tax cuts for corporations and individuals.
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