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Biden Looks to Raise Taxes on Wealthy and Corporations to Shave Deficit

President Biden’s top economic adviser said on Friday that lawmakers should take advantage of a looming tax debate next year to try to reduce budget deficits by sharply raising taxes on corporations and the rich.

Under that plan, Mr. Biden would more than offset the cost of maintaining tax cuts for people earning $400,000 a year or less.

In a speech to the Hamilton Project at the Brookings Institution in Washington, Lael Brainard, who directs the White House National Economic Council, gave the most detailed explanation yet of how Mr. Biden would seek to shape what promises to be a multitrillion-dollar tax debate.

A batch of tax cuts signed into law in 2017 by President Donald J. Trump, who is facing Mr. Biden in a rematch this fall, is set to expire at the end of next year. It includes cuts for individuals at all income levels. Republicans built that expiration into the tax bill to reduce its projected cost to deficits and comply with congressional rules.


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