Biden Wants to Raise Taxes on the Rich, Ignores Deficit

Biden Wants to Raise Taxes on the Rich, Ignores Deficit

Biden Wants to Raise Taxes on the Rich, Ignores Deficit

The Biden White House wants voters to know its differences with Republicans over taxes, with a top aide making the case for higher rates on corporations and the ultra-wealthy.

Lael Brainard, director of the White House National Economic Council, will deliver remarks at the Brookings Institution on Friday that get at the major tax challenge for whomever wins the November presidential election.

Many of the 2017 income tax cuts signed into law by then-President Donald Trump are set to expire after next year. If all the tax cuts expire, then the vast majority of U.S. households would see their payments to the IRS increase. But if all the tax cuts are extended, then another $4.6 trillion would be added to the national debt over the next decade, according to the Congressional Budget Office.

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