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President Joe Biden said he is confident he can enact a large federal tax hike on some Americans with only Democratic …
Subscriber Account active since President Joe Biden said he is confident he can enact a large federal tax hike on some Americans with only Democratic support. It signals he may be ready to press ahead without Republican support in Congress. In an ABC News interview airing Wednesday, the president pledged to raise taxes on Americans earning above $400,000 annually, saying it would be a “small to significant tax increase.” He also conceded he may not attract any Republican support for a federal tax hike. “Oh, I may not get it,” he said. He added: “But I’ll get the Democratic votes for a tax increase.” Biden’s comments come a day after Senate Minority Leader Mitch McConnell dismissed the concept of Republicans signing onto a tax hike to help fund new federal programs. He said he believed the plan would act as a “Trojan horse” for Democrats to enact many of their long-sought policy goals. “My suspicion is they will try to jam everything they can into that bill and call it an infrastructure bill, just like they tried to call the bill a couple of weeks ago a COVID bill,” he said at a weekly press conference.
