Biden wants to be No. 1 – in taxes

Democrats say they will make another major effort to pass President Biden’s Build Back Better plan, despite rising inflation and the end of the Covid emergency. The deal under discussion appears to include a huge tax hike, half a trillion dollars in green energy subsidies, and perhaps more social spending.

It’s a bad idea, and particularly badly timed given the economic uncertainty amid rising interest rates. And look no further than Mr Biden’s recent budget to see why. He proposes $2.5 trillion in new taxes that would give the US the highest or near-highest tax rates in the developed world. Biden wants to be No. 1 – in taxes

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