Striking a contrast to the Trump administration, Democrats behind Joe Biden's campaign believe higher taxes on the wealthy and corporations will not slow economic recovery, planning "Significant income redistribution" as soon as 2021, The Wall Street Journal reported.
Democrats want to store the taxes on the wealthy and corporations in order to bring more revenue for government spending in the wake of coronavirus impact payments and bailouts, per the report.
"It's all the more important to protect the retirement and security of working [people] and make sure the wealthy pay their fair share," Sen. Ron Wyden, D-Ore., who would become Finance Committee chairman if Democrats gain control of the Senate, told the Journal.
President Donald Trump has promoted his once-thriving economy as benefiting from the 2017 tax reform bill that cut corporate taxes, spurring business investment and growth.
Biden wants to return to the Obama administration's tax policies, including raising the corporate tax rate up from 21% to 28%, per the report.
"Joe will come in with a more progressive economic policy than we have seen from a Democrat in a long time," Rep. Don Beyer, D-Va., the top Democrat on the Joint Economic Committee, told the Journal.
"Raising taxes on the wealthy and big corporations to help support public investments in things like child care or education promotes economic growth," the progressive Roosevelt Institute's Bharat Ramamurti told the Journal.
Democrats want to store the taxes on the wealthy and corporations in order to bring more revenue for government spending in the wake of coronavirus impact payments and bailouts, per the report.
"It's all the more important to protect the retirement and security of working [people] and make sure the wealthy pay their fair share," Sen. Ron Wyden, D-Ore., who would become Finance Committee chairman if Democrats gain control of the Senate, told the Journal.
President Donald Trump has promoted his once-thriving economy as benefiting from the 2017 tax reform bill that cut corporate taxes, spurring business investment and growth.
Biden wants to return to the Obama administration's tax policies, including raising the corporate tax rate up from 21% to 28%, per the report.
"Joe will come in with a more progressive economic policy than we have seen from a Democrat in a long time," Rep. Don Beyer, D-Va., the top Democrat on the Joint Economic Committee, told the Journal.
"Raising taxes on the wealthy and big corporations to help support public investments in things like child care or education promotes economic growth," the progressive Roosevelt Institute's Bharat Ramamurti told the Journal.
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