Tax-the-Rich Dreams Fade as Democrats Struggle for Votes

“Progressive Democrats, who had hoped unified party control of the government could spur transformative tax increases on multinational companies and wealthy individuals, look like they will have to settle for a more modest outcome,” the Wall Street Journal reports.

“Tax-code changes moving through Congress this month would still likely raise more than $1 trillion over a decade and reverse many Trump-era changes to help fund an expanded social safety net. Key pieces remain unresolved, and progressive activists hope Democrats can be swayed by last-minute pressure campaigns and the party’s desire to unite behind President Biden.”