Political and Legislative
Biden to Propose Tax Hikes for High-Income Americans
The cost of President Joe Biden’s big-spending agenda is about to get a lot more real for high-income American families.
Biden is weighing a new slate of tax hikes aimed at wealthy households to finance the second phase of his multitrillion-dollar infrastructure plans, according to people familiar with the discussions, after laying out a range of proposed levies last month on corporations to fund his first proposal.
The new set of proposals, needed to help defray the cost of a spending package focused on investments in the so-called care economy, is likely to be much more contentious than the battle over corporate taxes — among lawmakers at least.
