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Bloomberg Businessweek

Biden Tax Hikes Hitting Resistance, With ‘No Room for Error’

  • Moderate Democrats have withheld endorsement, with eye on 2022
  • Corporate tax rate, capital gains proposals may be weakened
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Biden Tax Plan Is Greatest Experiment in Policy: Rattner
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Weeks after President Joe Biden pitched the first major set of tax increases since 1993, signs are mounting that anxiety among congressional Democrats will significantly temper any increases that manage to pass Congress.

“We are trying to identify a menu of options” that can pass, Senator Chris Van Hollen of Maryland said in an interview. “You need to get every one of your 50 Democratic Senators on board. There is no room for error.”