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President Joe Biden's twitter account sends out the following message: "Look, I don't want to punish anyone's success, but the wealthy have been getting a free ride at the expense of the middle class for too long. I intend to pass one of the biggest middle class tax cuts ever — paid for by making those at the top pay their fair share."
- Biden faces a difficult time in getting his proposed tax hikes through Congress. Yesterday, the House Ways and Means Committee released its own proposal, with smaller hikes than proposed by the White House.
- From The Hill: "The Ways and Means Committee would raise the corporate tax rate for income above $5 million from 21 percent to 26.5 percent, while Biden had called for a 28 percent corporate tax rate. The committee called for raising the top capital gains rate from 20 percent to 25 percent, while Biden proposed raising it further to match the top tax rate for wage income. And the committee's bill does not include a proposal Biden offered to tax capital gains at death."