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Biden's tax-hike plan faces opposition from moderate Democrats
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The White House is assembling an infrastructure package that will likely be funded by new taxes on corporations and wealthy Americans — but the sweeping multitrillion-dollar plan could face opposition from members of President Biden's own party.
Several moderate Democrats on Monday raised concerns that Biden's proposed tax hikes, including raising the corporate tax rate to 28% from 21% and hiking the rate paid by high-income earners, could derail the nation's economic recovery from the coronavirus pandemic.
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"We need to be careful not to do anything that's too big or too much in the middle of a pandemic and an economic crisis," Rep. Josh Gottheimer, D-N.J., told Axios.
House Speaker Nancy Pelosi can afford to lose just three Democratic votes if Republicans are unified in opposition, while Democrats need the support of all 50 members in the Senate to pass the measure, should they opt to approve it using budget reconciliation.