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Now, under President Joe Biden, they have a shot at ushering in the largest federal tax increase since 1942.

Biden has pledged not to raise taxes on people earning less than $400,000.

Republicans are unlikely to support any plan to raise taxes, leaving administration officials and leading congressional Democrats to hammer out a plan on their own.

Many liberal economists say there are good reasons to raise taxes, starting with using those funds to invest in workers and help build economic opportunity.

The top tax writer in the Senate, Ron Wyden, D-Ore., is drafting a series of bills to raise taxes, many of them overlapping with Biden’s campaign proposals.

Published On: Sun, 28 Mar 2021 13:32:48 GMT