Tax Hiker In Chief pledges to return individual and corporate tax rates to decades-old highs

Pres­i­dent-elect Joe Biden sug­gest­ed this week that he sup­ports return­ing indi­vid­ual and cor­po­rate tax rates to George W. Bush-era highs even though his eco­nom­ic agen­da like­ly hinges on the out­come of two Geor­gia runoff elec­tions in January.

Dur­ing an inter­view with The New York Times, Biden said one of his top pri­or­i­ties even before he enters the White House on Jan. 20 is get­ting a gen­er­ous coro­n­avirus relief pack­age through Con­gress. Doing so will help gen­er­ate eco­nom­ic growth with­out long-term fis­cal harm in the future, he said, so long as “every­body pays their fair share for God’s sake.”

“And by that fair share, I mean there’s no rea­son why the top tax rate shouldn’t be 39.6 per­cent, which it was in the begin­ning of the Bush admin­is­tra­tion,” Biden said. “There’s no rea­son why 91 For­tune 500 com­pa­nies should be pay­ing zero in taxes.”


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