HILL TAX BRIEFING: Biden Aims for Biggest Tax Hike Since 1993

President Joe Biden wants to pay for the next stage of his economic plan by raising federal taxes significantly for the first time since 1993, according to people familiar with the matter.

Key advisers are preparing a package of measures that will at least partly pay for itself through tax hikes, as hinted at by Treasury Secretary Janet Yellen in recent weeks.

A key aspect of the reform is to bring closer together the tax treatment of wealth and work. As well as raising the corporate tax rate from 21% to 28%, Biden’s team wants to reduce tax preferences for ...