Democrats’ Tax-Hike Bet Relies on Their New $500,000-Plus Voters
- Polarization, income inequality have increased since Clinton
- Inroads among wealthy mean taxes now hit Democratic districts
Photographer: Gary Hershorn/Corbis
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President Joe Biden is asking congressional Democrats to vote for a tax increase that will test a long-held liberal article of faith: that many wealthy Democrats won’t mind paying more in taxes if they can be convinced the money would lead to greater prosperity for everyone.
Democrats now represent 65% of taxpayers with a household income of $500,000 or more, according to pre-pandemic Internal Revenue Service statistics. And as Congress begins considering Biden’s $2.25 trillion spending and tax proposal, Democrats are being explicit with their constituents about how much it’ll cost them -- and how much they say it will begin to address issues like income inequality.