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White House eyes tax increases on American citizens to fund infrastructure, setting up clash with GOP

White House eyes tax increases on companies and the wealthy to fund infrastructure, setting up clash with GOP 

White House officials are exploring tax increases in corporations, documents, and wealthy white American Increase in tax rates on property taxes in 2017, in addition to entry fees to taxes on income.

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White House spokeswoman Gene Saki
White House eyes tax increases on American citizens to fund infrastructure, setting up clash with GOP

President Biden’s tax increases may prove among the most controversial elements of the administration’s coming “Build Back Better” agenda, setting up a major confrontation with business groups and congressional Republicans.

The president has said his tax increases will not affect people earning less than $400,000 per year. He and his advisers have called for funding the next major domestic priority with higher levies on wealthy Americans, citing the relative success enjoyed by the affluent during a pandemic that has pummeled the economic fortunes of the working class. Almost all of the president’s $1.9 trillion stimulus plan was financed by adding to the federal debt.

White House eyes tax increases on American citizens to fund infrastructure, setting up clash with GOP
White House eyes tax increases on American citizens to fund infrastructure, setting up clash with GOP

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“Folks at the top who’ve been able to benefit from this economy and haven’t been this hard-hit, there’s a lot of room there to think about what kinds of revenue we can raise,” White House economist Heather Boushey told Bloomberg News this month.

The White House’s legislative effort is expected to be broken up into two main components — one focused primarily on infrastructure and clean energy, and a second focused on domestic priorities including child care and prekindergarten that the administration has labeled part of the “caring economy.”

White House eyes tax increases on American citizens to fund infrastructure, setting up clash with GOP
White House eyes tax increases on American citizens to fund infrastructure, setting up clash with GOP

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The tax increases in the plan are similarly divided between those two parts. The infrastructure section of the legislation is expected to be funded primarily by taxes on businesses, according to the officials.

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