Biden’s Tax Hike Plans Are Losing Momentum

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  • Six months into President Biden’s tenure, Wall Street remains divided over the likelihood of one of his campaign promises: higher taxes.
  • Among the many components of the Biden tax plan are an increase in the corporate tax rate to 28% from 21% and the top individual income tax rate to 39.6% from 37%.
  • The GOP remains resolute against tax increases, and contends that hiking the corporate tax rate could risk a fragile economic recovery.
  • “I don’t want to say that the fight is over on that quite yet, because I know that there are still proponents of that. But I think that they are hard fights,” says former Treasury official Tony Fratto.
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