Stimulus and McConnell Will Likely Inhibit Biden’s Tax Hike Plan

Nov. 7, 2020, 5:50 PM

President-elect Joe Biden has pledged to repeal President Donald Trump‘s tax cuts as soon as he is inaugurated, but the ongoing financial crisis and the prospect of a Republican-controlled Senate could waylay that proposal for the foreseeable future.

Biden will likely soon send a deficit-financed economic recovery bill to Congress, delaying any progress on a tax-increase plan for at least a couple of months, despite his pledge to work to reverse the tax cuts on day one of his presidency.

Biden would find a receptive audience for his plans in the House. But if Republicans continue to control the ...

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