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Biden Allies Shy From Taxing Rich, Eroding Inequality Pledge

  • Moderate and farm-state Democrats balking at proposals
  • Raising taxes on rich central to calls to address wealth gap
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WATCH: Wealthy Americans are scrambling for places to hide from plans by Democrats to hike their taxes. Ben Steverman reports.(Source: Bloomberg)
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President Joe Biden’s push to ramp up taxes on the wealthy is getting diluted by his Democratic allies in Congress, undermining his chances of fully delivering on his 2020 campaign pledge to curb America’s widening inequality.

A blueprint that the House Ways and Means Committee will begin voting on Tuesday, prepared by Democratic members and staff of the panel, scaled back some of the most ambitious elements of the Biden administration’s pitch released in May.