Tax tilt likely going to the middle class
The bad news is that taxes in America are tilted in favor of the rich. The best news is that we could be only weeks away from a tilt in favor of the middle class: the reforms President Biden is urging to help balance the Administration’s $3.5 trillion budget bill. The changes won’t be going as far as the president first proposed. Congress writes the laws, and House Democrats have already dialed back on Biden’s wish list. Even so, the bill will almost certainly reflect a sharp shift in America’s priorities. As Biden himself puts it, “My tax policy is based on a simple ...