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.”