Last Updated on October 25, 2020
Democrat vice presidential candidate Joe Biden doubled down on his promise to raise taxes when he spoke to a room full of deep-pocket donors from Wall Street. His declaration came just days after telling the country that he was going to kill the oil industry.
Biden told the room of high-priced donors that a Biden administration would see an across-the-board tax increase on corporation and those defined as wealthy by his advisers.
Biden’s top advisers have crafted an aggressive tax-and-spend economic agenda that makes raising taxes their top and immediate priority. His staff has indicated these tax increases will comes as legislation and happen almost immediately upon taking office.
Part of the reason Biden needs to soften the ground on this issue is because he will need the revenue to fund his radical $2 trillion infrastructure package. This package includes much of the Green New Deal sought by Progressives, part of which is retrofitting existing structures and upping emissions standards. This plank is meant to address some climate concerns of voters on the left.
Tax & Vote:
66% of likely voters, including 57% of Democrats, consider CUTTING TAXES important to their vote next month.
— Rasmussen Reports (@Rasmussen_Poll) October 24, 2020
Some close to the Biden campaign say the move is also based in ideology. As previously reported in several media outlets, Biden believes raising taxes is a “moral issue” concerning wealth inequality in America. Rather than creating opportunity for individual advancement, Biden sees it as government’s duty to artificially level the playing field.
Wall Street executives close to Biden say he plans to implement the full slate of his tax policies retroactively using budget reconciliation to force the process through Congress. Budget reconciliation means Democrats wouldn’t have to reach a super-majority vote threshold to “raise taxes.” Instead, a 51-vote majority in the Senate would satisfy the need.
A similar backdoor technique was used to force the Affordable Care Act – also known as Obamacare – onto the country, a move that disenfranchised tens of millions from affordable healthcare through private health insurance plans.