Biden tax hike: What we know as Democrats eye multi-trillion dollar infrastructure deal

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Joe Biden repeatedly promised during his 2020 presidential campaign that he would not raise tax rates on any individual or household making less than $400,000 per year.

As conversations percolate in Washington on how Democrats plan to pay for an ambitious multi-trillion dollar infrastructure package they’ll be putting together in the coming weeks, the administration recommitted to that campaign vow.

“His priority and focus has always been on people paying their fair share, and also focusing on corporations that may not be paying their fair share either,” White House press secretary Jen Psaki told reporters at her daily press conference on Monday.

“That remains his overarching approach. But there isn’t a package yet.”

As congressional Democrats put together another massive piece of legislation — this time centred around shoring up US infrastructure — here’s what we know about how party leaders in Washington plan to implement a tax hike to pay for it.

1. Democrats acknowledge need to raise revenue

Across the board, the power-brokers in the Democratic party in Washington understand that they’ll have to offset most or all of the costs of any infrastructure package by raising government revenues.

And by raising revenue, they mean raising taxes.

“We’ll have to pay for some of it,” Speaker Nancy Pelosi acknowledged last Thursday at her weekly press conference. “We’ll have to find ways to cover fees, et cetera. That’s all a discussion that has to take place now.”

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