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When Will Taxes Go Up?

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Posted on March 25 2021

From The New York Times, January 22, 2021

President Biden has unveiled a flurry of actions aimed at unwinding much of the Trump administration’s agenda. But on his predecessor’s signature legislative accomplishment — the huge 2017 tax cut — Mr. Biden is treading much more gingerly.

Higher taxes on corporations and the wealthy are on the table. Mr. Biden has said that he would raise taxes for the top income bracket to nearly 40 percent, from 37 percent, and increase the corporate tax rate to 28 percent, from 21 percent. In a Senate confirmation hearing yesterday, Janet Yellen, Mr. Biden’s pick for Treasury secretary, parried Republican criticism over such moves, and also suggested that the I.R.S. may audit wealthy taxpayers more frequently.

But a significant share of the tax cuts could become permanent, The Times’s Jim Tankersley writes. Cuts for families making less than $400,000 a year are likely to stick around. All told, the changes would be modest in terms of revenue, Jim calculates: The Biden administration’s potential tax tweaks could net $500 billion in additional taxes, set against $2 trillion in proposed new spending.

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