Why tax increases in 2021 could make make it harder to balance the budget in coming years

The House of Representatives passed the Build Back Better Act on Nov. 19. Though the bill would implement several tax increases, it’s a far cry from Democrats’ initial ambitions for raising revenue through taxes.

On the campaign trail Joe Biden vowed to raise the corporate income tax rate to 28% from 21%. In the end, the bill contains a less aggressive 15% corporate minimum tax.

Likewise on individual taxes: Lawmakers floated several ideas, including raising the top individual tax rate to…

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