Joe Biden’s 2020 campaign saw him largely advertised as a moderate Democrat. This was, of course, the idea. The Democratic Party believed that the key to their success in 2020 lay with Biden appealing to centrists in the midwest who were growing uncomfortable with Donald Trump’s behavior, even if they liked his agenda.
But Biden couldn’t rely on these voters alone, and was forced to court the radical leftists that had abandoned Hillary Clinton after she snatched the 2016 nomination from Bernie Sanders, which, in turn, led to the election of Donald Trump.
And so, 75 days into his first term, Biden is getting to work on some of the most progressive tax legislation ever imagined, and he’s taking cues from some ultra-liberal ideologies.
President Joe Biden’s tax plan would hike the corporate tax rate to bring in $2.5 trillion over 15 years to fund the sweeping $2 trillion infrastructure proposal unveiled last week, according to details released Wednesday by the Treasury Department.
Ambitious in scope by any means, the Made in America Tax Plan would raise the corporate tax rate from 21 to 28 percent, establish a sort of alternative minimum tax for high-earning corporations and attempt to close loopholes around offshoring profits.
The plan would capture $2 trillion that otherwise would “flow out of the country,” according to a Wall Street Journal op-ed written by Treasury Secretary Janet Yellen.
The move would solidify fears that Biden is now beholden to the ultra-progressive left, and that he could use the Democratic majority in Congress to reshape much of the way in which our nation operates.