Why Do Democrats Want Higher Taxes When the Economy is Still Weak?

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President Biden has vowed to impose $2 trillion in tax increases including a corporate income tax rate hike to 28 percent and a 21 percent “global minimum tax.” Democrats say that further tax increases, including doubling the capital gains tax, a second death tax, and income tax increases may be introduced in the coming weeks.

These same Democrats argue that the economy is still weak and that there is a long path back toward recovery. If this is true, why are they calling for one of the largest tax increases in history?

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Earlier this month, House Speaker Nancy Pelosi (D-Calif.) said that we must “address the daily reality of joblessness and financial insecurity facing millions of Americans.” President Joe Biden has concurred saying that “it is very clear our economy is still in trouble.”

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