Biden, more taxes to the rich to finance development

Joe Biden wants to keep another of his election promises after cashing in on the 1.9 trillion Covid plan.

One of the next moves will be to cancel Donald Trump's tax cuts and raise them to the rich to finance his agenda, from infrastructure to the labor market and the fight against climate change.

This would be the largest fiscal increase since 1993 - something like $ 2.1 trillion in ten years, according to an analysis conducted by the Tax Policy Center, an independent think tank.

The plan, the US media anticipates, provides for an increase in taxes for companies, from 21% to 28%, and those on income for those who earn over $ 400,000 a year.

Real estate taxes would be extended and those on capital gains would rise for individuals with an income of at least one million dollars.

For the president, this is a necessary maneuver not only to finance the other spending items on his agenda but also to heal the unfair treatment between work and wealth, rebalancing the burdens in favor of the working class.

A move that appeals to the dem left but destined to meet firm opposition from Republicans and industrial lobbies, according to which such a policy would damage the competitiveness of US companies on global markets, especially in this difficult phase of recovery during the pandemic.

Then there remains the uncertainty linked to the more moderate dems, who have become the real needle of the balance of the White House agenda: like Senator Joe Manchin, who initially called the cancellation of the tax cut implemented by Trump "ridiculous", only to then make a half backwards saying that "everything is open for discussion".

A new source of funding for Biden's projects could also come thanks to Treasury Secretary Janet Yellen, who is working with her foreign counterparts on an agreement aimed at enacting a "global minimum tax" on multinational corporations.

Biden had promised in his presidential campaign that he would cancel Trump's 2017 tax cut "from day one", which benefited largely from gossips and large corporations, which had seen taxes cut from 35% to 21%.

But at the top of his priorities was and is the fight against the pandemic.

Just today the president appointed a 'czar' for the scrupulous implementation of the $ 1.9 trillion Covid plan: Gene Sperling, who headed the National Economic Council under Bill Clinton and Barack Obama and was an informal advisor to Biden's campaign.

And from this week the 'Help is here' tour will start to 'sell', also in an electoral key, the benefits of the plan together with some key figures of the administration, from deputy Kamala Harris to first lady Jill.

First stages Pennsylvania and Georgia, two battleground states that he won narrowly.

"In the next 10 days, 100 million vaccinations will be completed in the arms of Americans and 100 million checks delivered to their pockets," he announced from the White House.

But the migrant crisis on the Mexican border looms around the corner, with a record wave of arrivals and over 4,000 unaccompanied minors still in custody.