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Economy

17 Oct 2021

Democrats; Big Businesses and High Income People Should be Taxed More

The Index Today

Many members of the Democratic Party have shown willingness to propose a bill or legislation to increase taxes on high income households and business entities. Recently, its attempt to push forward new tax proposals was received with immense criticism from Republicans as well as democratic members.

The Democrats are working to raise the tax levels to reduce wealth inequality and allocate resources towards other sectors such as healthcare, climate change and education. Biden has stated that new tax proposals will not be for households making less than $400,000 a year. Senator Joe Manchin, one of the conservative members of the Democratic Party has showed support for raising taxes and reducing cuts for the wealthy members of the society.

Republicans have showed much opposition to the new tax proposals and urge that it could lead to a decline in business growth and encourage unnecessary or reckless spending. The democratic outlook is seen as different from the previous approaches used by other administrations.

According to a new poll, 66% of Americans agreed to raise taxes for large corporations whereas the remaining said it should be lowered or kept at the same level. 61% of people also said that taxes should be raised on families making more than $400,000 while the remaining said tax should be reduced. Ron Wyden, Senate Finance Committee SAID, “It used to be that any conversation about taxes, the political consultants say to democrats, don’t go there.” Now, the proposal is discussed, “people say, of course, how come that wasn’t done a long time ago.”

©Photo: Jim Lo Scalzo | Bloomberg | Getty Images

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