{"id":586304,"date":"2021-07-08T15:20:38","date_gmt":"2021-07-08T19:20:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=586304"},"modified":"2021-07-08T15:20:39","modified_gmt":"2021-07-08T19:20:39","slug":"uh-oh-joe-bidens-plan-to-hike-taxes-is-losing-momentum-fight-may-be-over","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/uh-oh-joe-bidens-plan-to-hike-taxes-is-losing-momentum-fight-may-be-over\/","title":{"rendered":"Uh Oh: Joe Biden\u2019s Plan To Hike Taxes Is \u2018Losing Momentum,\u2019 Fight May Be \u2018Over\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fuh-oh-joe-bidens-plan-to-hike-taxes-is-losing-momentum-fight-may-be-over%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=586304&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/Biden12-scaled-1.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>President Joe Biden is campaigning hard for a second \u201cinfrastructure\u201d bill that contains a number of significant tax increases on corporations and American taxpayers earning around $400,000 and above, but the bill is swiftly \u201closing momentum\u201d and the fight to pass a major tax hike in Biden\u2019s first term could be \u201cover,\u201d <a href=\"https:\/\/www.cnbc.com\/2021\/07\/07\/biden-tax-plan-corporate-capital-gains-and-income-hike-uncertain.html\">per CNBC<\/a>.<\/p>\n<p>\u201c[W]ith the GOP resolute against tax increases, and with a handful of economists concerned that raising taxes now could risk the economic recovery, some say the outlook for the administration\u2019s tax plans has grown murkier in recent months,\u201d the outlet said Thursday. \u2018The chances of big tax reform in the near term seem reduced, said Tony Fratto, who served as a Treasury official in the George W. Bush administration.\u201d<\/p>\n<p>Biden has been working on the second \u201cinfrastructure\u201d bill since earlier this year, and, at one point, even appeared to pressure Republicans and Democrats, who had inked an agreement on the first infrastructure plan, into pairing the two bills. The president had planned to make the tax hike \u2014 which would erase some of the tax cuts extended during former President Donald Trump\u2019s first term \u2014 a hallmark of his first term.<\/p>\n<p>Fatto, however, told CNBC that things are looking grim for the Biden tax plan.<\/p>\n<p>\u201cI don\u2019t want to say that the fight is over on that quite yet, because I know that there are still proponents of that. But I think that they are hard fights,\u201d Fatto said. \u201cOn the corporate side, coming out of the economic situation we\u2019ve been in, you can make a case that you don\u2019t want to squelch the return to growth and job creation, when there are still many millions of people out of work relative to pre-COVID.\u201d<\/p>\n<p>Even Sen. Mitt Romney (R-UT), who worked on the Senate\u2019s compromise infrastructure plan, has been resolutely against hiking taxes. Sen. Joe Manchin (D-WV), who commands the Senate\u2019s swing vote, has said he is \u201copen\u201d to the idea of a second infrastructure bill and to rolling back some of the former administration\u2019s tax credits, but that his vote hasn\u2019t been won yet.<\/p>\n<p>Analysts do seem to suggest, <a href=\"https:\/\/nypost.com\/2021\/06\/22\/analysis-says-bidens-tax-plan-will-effectively-cut-lower-and-middle-class-wages\/\">according to the New York Post<\/a>, that Biden\u2019s tax hikes could also hurt wages in the short term, dealing a blow to a currently recovering economy.<\/p>\n<p>The biggest hurdle to Biden\u2019s success could be his own party. <a href=\"https:\/\/nypost.com\/2021\/06\/22\/analysis-says-bidens-tax-plan-will-effectively-cut-lower-and-middle-class-wages\/\">According to NBC News<\/a>, a bipartisan group of Republicans and Democrats have pressed for the House to pass the compromise infrastructure bill, bucking Speaker of the House Nancy Pelosi\u2019s (D-CA) to pass the two infrastructure bills at the same time or not at all.<\/p>\n<p>The message sets up a showdown between House progressives and the Speaker, who desperately want the expansion in child care, education, and environmental funding the bill provides, and more practical legislators who say the first infrastructure bill is sufficient for the time being, and that the second, \u201chuman infrastructure\u201d bill can wait until Congress returns from its summer recess.<\/p>\n<p>\u201cThe Senate plans to move first to pass both proposals in the coming weeks \u2014 or months \u2014 after it returns from its Fourth of July recess. Senate Majority Leader Chuck Schumer (D-NY), has said he aims to move toward votes on the bipartisan framework and a budget resolution that would allow Democrats to approve a second bill without Republican support,\u201d NBC News reported.<\/p>\n<p><i>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i>member<\/i><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden is campaigning hard for a second \u201cinfrastructure\u201d bill that contains a number of significant tax increases on corporations and American taxpayers earning around $400,000 and above, but &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2314279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/Biden12-scaled-1.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Uh Oh: Joe Biden\u2019s Plan To Hike Taxes Is \u2018Losing Momentum,\u2019 Fight May Be \u2018Over\u2019","footnotes":""},"categories":[],"tags":[],"class_list":["post-586304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/Biden12-scaled-1.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Uh Oh: Joe Biden\u2019s Plan To Hike Taxes Is \u2018Losing Momentum,\u2019 Fight May Be \u2018Over\u2019","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/586304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=586304"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/586304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2314279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=586304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=586304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=586304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}