Biden is preparing a suite of policy proposals to use in a future tax fight by suggesting to extend or make tax cuts permanent for low and middle-class workers while raising taxes on the wealthy. This strategy is aimed at putting Republicans in a tough position politically, as it positions the Democrats favorably with a proposal believed to be a political winner due to its appeal to the general public. Despite the potential tax increases, the approach is considered good politics and strategically advantageous for Biden and the Democratic party.
In his campaign for re-election, President Biden has said that raising taxes on the wealthy and on big corporations is at the heart of his agenda. But under his watch, overall net taxes have decreased.
Jim Tankersley, who covers economic policy for The Times, explains.
Guest: Jim Tankersley, who covers economic policy at the White House for The New York Times.
Background reading:
- An analysis prepared for The New York Times estimates that the tax changes President Biden has ushered into law will amount to a net cut of about $600 billion over four years.
- “Does anybody here think the tax code’s fair?” For Mr. Biden, tax policy has been at the center of his efforts to make the economy more equitable.
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