Dems poised to raise taxes on business and the rich

Others in his party, including his own transportation secretary, have pushed Mr. Biden to explore tax plans he did not campaign on, like taxing consumption, wealth or vehicle miles traveled. Mr. Biden has stressed his broad-brush desire to increase the tax burden on wealthy Americans who largely earn their money through inheritance or investment, to fund spending programs meant to help people who earn their money primarily through wages…

With Mr. Biden’s signing of a $1.9 trillion economic relief bill, financed entirely by federal borrowing, forecasters now expect the economy to grow this year at its fastest annual clip since the 1980s. Republicans and some economists have begun to warn of overheating growth spurring runaway inflation, which could reduce the salience of warnings that tax increases would cause growth to stall.

Public polling shows broad support, even among many Republican voters, for raising taxes on large corporations and high-income individuals. The most conservative Democrats in the Senate, who hold great sway over Mr. Biden’s legislative agenda, say they favor trillions of dollars in infrastructure spending so long as there is a plan to pay for it.

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