President Biden appears to be on the verge of enacting a crucial campaign promise: a federal tax hike. This effort would be much greater than the $1.9 trillion Covid-19 relief bill passed recently. Here’s what we know about how Biden’s tax bill could affect Americans so far:
Joe Biden’s tax proposal explicitly has as one of its goals an increase in the amount of taxes paid by rich Americans without placing a new tax on their income. It succeeds by this criterion, as well as a few others for which economic conservatives should be grateful.”
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“Econ 101: You get less of anything if you tax it. So, let’s levy a tax on something we’d like to see less of, such as emissions. Taxes reduce wages, which means less hours worked, savings, and investments. So, rather than taxing wages, let us tax consumption.”
Senator Joe Manchin of West Virginia, a strong centrist with the ability to cast the deciding vote, has stated that any infrastructure bill should be funded by tax increases rather than new deficits. That’s exactly the wrong approach…we should be borrowing to finance a transformational green infrastructure push. It is not only a one-time cost, but it will also yield a financial return in the form of cheaper electricity, which will help the private sector.
President Biden is faced with a conundrum: how can he change the federal tax system in order to maximize revenue for the government? “One interesting solution is to provide the Internal Revenue Service with the money it needs to ensure that the richest people pay the taxes they owe.” Natasha Sarin is a writer who lives in New York City. This column does not necessarily represent the views of Bloomberg LP and its owners or the editorial board. Company, economics, politics, technology, and markets are all covered by Bloomberg Opinion.