President Joe Biden is campaigning hard for a second “infrastructure” bill that contains a number of significant tax increases on corporations and American taxpayers earning around $400,000 and above, but the bill is swiftly “losing momentum,” and the fight to pass a major tax hike in Biden’s first term could be “over,” per CNBC.
“[W]ith the GOP resolute against tax increases, and with a handful of economists concerned that raising taxes now could risk the economic recovery, some say the outlook for the administration’s tax plans has grown murkier in recent months,” the outlet said Thursday. “The chances of big tax reform in the near term seem reduced, said Tony Fratto, who served as a Treasury official in the George W. Bush administration.”
.png)
.png)
