If he sticks to his campaign promises, president-elect Joe Biden will soon pursue tax increases on top earners. Unknown is how helpful a near-evenly divided Congress will be when it comes to turning his vow into law.
More certain is what entrepreneurs of the Silicon Valley variety, and who tend to lean Democrat, will tell the new president. Some will undoubtedly encourage the hikes. When told by President Obama in 2011 that he should expect an increased federal income tax burden, Facebook founder Mark Zuckerberg famously replied “I’m cool with that.”
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