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Advancing the Biden Tax Policy Agenda. With Jon Ossoff and Raphael Warnock winning both Senate runoff elections in Georgia last week, the Senate will be evenly divided 50-50 this Congress. A newly sworn-in Vice President Kamala Harris will give Democrats the tie-breaking advantage and provide Sen. Chuck Schumer (D-NY) with the critical right of first recognition on the floor. This will give Democrats a majority and the accompanying powers that come along with it, including more power to advance their tax and economic agenda.
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The first item on the new administration’s agenda will be another COVID-19 relief package. As the pandemic continues to surge, bringing with it new waves of unemployment, President-elect Joe Biden has said his first legislative goal will be passing additional economic assistance for individuals and businesses particularly affected by the virus. The package is expected to look similar to the HEROES Act House Democrats passed in May 2020—a proposal Biden explicitly endorsed on the campaign trail.
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According to remarks Biden made on Jan. 8, the price tag of the package will be high. Biden said it will include funding for state and local governments, expand Unemployment Insurance, extend rent forbearance, provide additional Economic Impact Payments for individuals and families and increase the minimum wage to $15 an hour. The package is also expected to include top Democratic tax priorities, such as expanding the Earned Income Tax Credit, the Child Tax Credit and the Child and Dependent Care Tax Credit. The incoming administration will unveil more details on the proposal this Thursday, Jan. 14.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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