40%: Biden’s Plan To Raise Taxes & Minimum Wage Will Have Huge Impact On Average Americans

President-elect Joe Biden and congressional Democrats have revealed plans to raise taxes on wealthy individuals and firms, but vital obstacles remain even with Democratic majorities in the House and Senate.

This month’s Democratic wins in Senate runoffs in Georgia, giving Democrats control of the Senate for the first time since 2014, increases the odds of tax proposals pushing through Congress. However, slim margins in both the House and the Senate mean passing tax increases will be a hard task.

“Getting them to agree on a legislative proposal will not be easy,” said Jorge Castro, a former congressional aide and counselor to the IRS commissioner during the Obama administration who now works on tax law at Miller & Chevalier.

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