Biden’s Tax Hike on Wealthy Americans Likely to Pass Congress, Survey Finds

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Bloomberg Quicktake: Now published this video item, entitled “Biden’s Tax Hike on Wealthy Americans Likely to Pass Congress, Survey Finds” – below is their description.

Democrats will likely prove successful in raising individual income tax rates and in strengthening audits of wealthy Americans as they work on overhauling the U.S. tax code in coming months.

That’s a key takeaway from a survey of 15 current and former White House and congressional aides specializing in tax policy completed by Bloomberg this month. A tax on unrealized capital gains, as envisioned by Senate Finance Committee Chair Ron Wyden, was deemed impossible to get through Congress, the survey showed.

President Joe Biden is planning what would amount to the biggest set of tax increases since 1993 to help pay for infrastructure, clean- energy and social initiatives as part of his longer-term follow-up to the $1.9 trillion pandemic-relief package. With Republicans voicing opposition, Democrats must secure their moderate members’ support in the 50-50 Senate, making the tax program politically challenging to pull together.

“There is fairly strong consensus to tax the rich and corporations more — but a fairly strong consensus means you need to get all 50,” said Steven Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center and former counsel with the Joint Committee on Taxation. “Tax increases are hard, even good tax increases. Raising taxes harms some people.”

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