Failures on Tax Policy Spur Frustration Among Democrats

“Almost none of the major tax ideas Democrats proposed as they won control of the federal government 18 months ago will get over the finish line,” the Wall Street Journal reports.

“They talked about reversing the 2017 tax cuts, paring back a law they all opposed. They proposed wealth taxes, global minimum taxes and other ways to make the richest Americans and multinational corporations pay more. They even got $1.5 trillion in tax increases through the House.”

“However, despite holding the White House and narrowly controlling the House and Senate for nearly two years, Democrats are likely to walk into the midterm elections having barely budged tax policy in their direction. They implemented temporary tax breaks in their pandemic response law and might yet extend some other provisions later this year.”