Politico: “The cost of President Joe Biden’s big-spending agenda is about to get a lot more real for high-income American families. Biden is weighing a new slate of tax hikes aimed at wealthy households to finance the second phase of his multitrillion-dollar infrastructure plans, according to people familiar with the discussions, after laying out a range of proposed levies last month on corporations to fund his first proposal. The new set of proposals, needed to help defray the cost of a spending package focused on investments in the so-called care economy, is likely to be much more contentious than the battle over corporate taxes – among lawmakers at least. Republicans who have already drawn a hard line against corporate tax hikes are poised to dig in even deeper to fight higher taxes on wealthy families. Centrist Dems, particularly those from high-cost areas, may be hesitant to support new levies on households as the economy recovers from the pandemic.”

“And that’s in spite of polling showing that Americans’ support for infrastructure investments actually increases when they learn it could be paid for by taxing the rich. Asked about polls indicating support for hiking taxes, Rep. Kevin Brady (Texas), the top Republican on the tax-writing Ways and Means Committee, expressed confidence that voters would see the move as detrimental to the economy. ‘The American public, when it is fully explained – they get it,’ Brady told reporters on Friday. ‘Americans understand you can’t tax, spend and borrow your way to prosperity.’ The White House’s deliberations are setting the stage for the next major legislative fight on Capitol Hill, where proposed tax hikes on individuals are likely to pour fuel on the already fierce debate over whether to impose new levies on big corporations. And in this round, even some of Biden’s allies might balk at focusing on the wealthy. While Democrats are eager to fight income inequality, many of them are more comfortable boosting people at the bottom of the income ladder than taking from people at the top. Biden says he is trying to ensure that his tax increases only hit the well-to-do, promising he won’t raise taxes on those earning less than $400,000.”