- 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.