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As Democrats’ tax proposals evolve, the outlook for the super-rich is improving

·5 min read
As Democrats’ tax proposals evolve, the outlook for the super-rich is improving

President Joe Biden and Congressional Democratic leaders are reportedly scaling back their visions of tax hikes on the rich and corporations, but whether that ultimately translates into a win for the wealthy is an open question, according to tax experts. There was a time in the not-too-distant past when top Democratic lawmakers seemed ready to raise the top income tax rate, boost the capital gains rate and increase the corporate income tax rate as ways to raise cash for social safety net programs and massive infrastructure projects. Now those rate hikes may be on the ropes as Biden aims to reach a deal on a social safety net plan, with zero wiggle room for ‘no’ votes on his side of the aisle.