Stimulus and McConnell Will Likely Inhibit Biden’s Tax Hike Plan
- Biden has said he wants to raise taxes on ‘day one’ in office
- Stimulus negotiations will occupy Biden after inauguration
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President-elect Joe Biden has pledged to repeal President Donald Trump‘s tax cuts as soon as he is inaugurated, but the ongoing financial crisis and the prospect of a Republican-controlled Senate could waylay that proposal for the foreseeable future.
Biden will likely soon send a deficit-financed economic recovery bill to Congress, delaying any progress on a tax-increase plan for at least a couple of months, despite his pledge to work to reverse the tax cuts on day one of his presidency.