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Rich Americans Bracing for Higher Taxes Await Biden’s First Move

Jan. 8, 2021, 11:30 AM

The Democratic sweep of the White House and U.S. Congress puts many wealthy Americans in a bind: Higher taxes are probably on the way, but it may already be too late to avoid big bills.

President-elect Joe Biden campaigned on a variety of tax-rate hikes and other changes aimed at squeezing trillions of dollars from corporations and Americans earning more than $400,000. After Democrats’ wins in two Georgia Senate runoffs this week, the party will have narrow majorities in both chambers of Congress, and the ability to fulfill at least some of those promises.

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