U.S. President Joe Biden will be potentially unable to keep one of his main campaign promises due to unyielding resistance among some in his party to raise taxes.
- Even though Biden gained massive support for promising to repeal President Donald Trump’s tax cut on “day one,” as president, he has found raising taxes is a hard sell in Congress.
- Senator Kyrsten Sinema of Arizona remains one of the biggest obstacles to Biden’s efforts to repeal Trump’s tax overhaul.
- Even though the Arizona Senator is yet to spell out her views in public, Democratic lawmakers are trying to create a package of revenue-raisers to cover for the massive social spending bill to implement Biden’s economic agenda.
- Biden has recognized that there are not enough votes to support raising Trump’s 21% corporate tax rate.
The setback is ironic because Trump’s tax cuts were historically unpopular as they directed many benefits to high-earning taxpayers and large companies.
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Source: Bloomberg
