Name: 82 unions and liberal groups urge Biden to go bigger on tax hikes and hold the wealthy accountable
Brand: businessinsider.com
SKU: businessinsider-com-954
Availability: OnlineOnly

critic

82 unions and liberal groups urge Biden to go bigger on tax hikes and hold the wealthy accountable

preview

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.An icon in the shape of a person's head and shoulders. It often indicates a user profile.Redeem nowSign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox.Something is loading.President Joe Biden is unveiling the first part of his today, which could include up to $3.5 trillion in tax hikes. Some unions and progressive organizations are saying he should go even bigger.On Tuesday, 82 national organizations, led by Americans for Tax Fairness, sent a to Biden and Vice President Kamala Harris, commending the administration's efforts to raise taxes on the wealthiest Americans and encouraging the president to go further. The letter said Biden's tax plans were the "boldest of any major party presidential nominee in modern American history."The tax proposals have "received widespread media coverage and, perhaps more significant, your boldly progressive tax plan was heavily attacked by your political opponents, who spent untold millions of dollars and claimed falsely that the middle-class would pay more," the letter said. "Yet, you won the most votes ever of any US presidential candidate, with a central promise of your campaign to make the rich and corporations pay their fair share of taxes. You have a clear mandate to pursue your agenda."The letter, which was signed by&nbsp;AFL-CIO and MoveOn, said that even among Republicans, raising taxes is popular. For example, a New York Times from November found that two-thirds of respondents, including 45% of Republican voters, supported tax increases on people making over $400,000, and an Americans for Tax Fairness from October found that 71% of Americans supported raising the income tax rate, including 51% of Republicans.The best way to hold the wealthy accountable, according to the letter, is to reverse the "worst aspects" of former President Donald Trump's Tax Cuts and Jobs Act (TCJA), including Biden's proposals to:Aside from the TCJA proposed changes, Biden also proposed additional tax reforms during his campaign, like investing in Internal Revenue Service enforcement of high-income taxpayers and imposing a "financial-risk fee" on large Wall Street banks.The letter said that even along with Biden's campaign proposals, he could implement many other reforms, including a 10-percentage-point surtax on all incomes about $2 million, a financial transaction tax on bond and stock trades, and a wealth tax on ultra-millionaires.Biden's tax hikes have already faced opposition in Congress. While moderate Democratic Sen. Joe Manchin said an infrastructure proposal could be using tax hikes as funding, Senate Minority Leader Mitch McConnell warned that won't win his party's support."I don't think there's going to be any enthusiasm on our side for a tax increase," McConnell . Republicans even recently introduced a bill to the estate tax, which would only affect 0.6% of farm estates.&nbsp;But progressive lawmakers are continuing to push for measures that hold the ultra-rich accountable. Although Politico on Tuesday that Biden will not&nbsp;use a wealth tax to fund infrastructure, Sen. Elizabeth Warren of Massachusetts has to propose a 2% tax on households with net worths over $50 million.&nbsp;"A wealth tax is&nbsp;critical for raising revenue, and that revenue is critical for raising opportunity," Warren said on on March 1. "We build a future for all of our kids by investing in opportunity. This is one way we can make this government work for everyone – not just the rich and powerful."Sign up for notifications from Insider! Stay up to date with what you want to know.Subscribe to push notificationsAn icon in the shape of a lightning bolt.Keep readingIt indicates an expandable section or menu, or sometimes previous / next navigation options.Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.An icon in the shape of a person's head and shoulders. It often indicates a user profile.Redeem nowSign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox.Something is loading.President Joe Biden is unveiling the first part of his today, which could include up to $3.5 trillion in tax hikes. Some unions and progressive organizations are saying he should go even bigger.On Tuesday, 82 national organizations, led by Americans...

public

Ayelet Sheffey

What you want to know about business. A section of @thisisinsider. Follow us on Facebook, Instagram, and YouTube. Visit our homepage for the day's top stories.

82 unions and liberal groups urge Biden to go bigger on tax hikes and hold the wealthy accountable

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS