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Dems start to get tax-hike anxiety POLITICO 1 hr ago By Bernie Becker and Aaron Lorenzo © Evan Vucci/AP Photo President Joe Biden’s proposed tax hikes would come as the economy is still rebounding from the coronavirus.
Democrats hung with former President Barack Obama when he campaigned for higher taxes on the rich. And they didn t blink when Republicans passed another round of tax cuts in 2017, without a single Democratic vote, after years of getting clubbed by the GOP for being the tax-and-spend party.
But President Joe Biden’s proposed tax increases are another breed, even if they are focused on people making over $400,000 a year. His proposals are far more ambitious than the concessions Obama ended up winning after the 2012 election, which allowed the top income tax rate to rise for high earners.