The Democrats’ lousy corporate tax hikes

President Biden took office in 2021 with an aggressive agenda of new programs he hoped to enact, along with a slew of tax increases to pay for them and make the tax system “fairer.” Biden has only gotten some of the programs he wanted, but most of the tax hikes turned out to be too difficult to get through Congress.

The tax hikes that Democrats are likely to pass are lousy ones that will make the tax code more complicated and leave plenty of room for evasion. The only two meaningful tax hikes Democrats may pass at all during Biden’s four-year presidential term are contained in the Inflation Reduction Act, which the Senate passed on Aug. 8 and the House of Representatives is likely to pass soon.

Biden has indicated he will sign the bill promptly.