, Columnist
Tax the Rich? Here’s What Biden Forgot
The president’s plan preserves the notorious pass-through deduction for business owners, which favors the wealthy and encourages cheating.
Something’s missing.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
President Joe Biden proposes to impose steep new taxes on high earnings and lucrative investments to help pay for expanded child care and other social programs. But if he’s serious about requiring wealthy Americans to pay more, he missed one of the most obvious places to start.
That would be by curtailing a gift to business owners granted by the 2017 Republican tax law: a special deduction that gives owners of partnerships and limited-liability companies a way to pay less than others who earn just as much money.