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Biden Determined to Tax the Rich After Windfalls From Covid Crisis

  • Key aides have worked on proposals to tax wealthy for years
  • Impetus for revamping tax regime grew with ‘K-shaped’ recovery
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WATCH: Bharat Ramamurti of the National Economic Council defends Joe Biden’s tax plan.Source: Bloomberg
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President Joe Biden’s economic team at the White House is determined to make good on his campaign pledge to raise taxes on the rich, emboldened by mounting data showing how well America’s wealthy did financially during the pandemic.

With Republican and business-lobby opposition to the administration’s tax plans stiffening, Democrats need to decide how ambitious to be in trying to revamp the tax code in what’s almost-certain to be a go-it-alone bill. Interviews with senior officials show there’s rising confidence at the White House that evidence of widening inequality will translate into broad popular support for a tax-the-wealthy strategy.