Biden’s plans to raise taxes on corporations and the wealthy are losing momentum

Nearly six months into President Joe Biden’s administration, Wall Street remains divided over the likelihood, and impact of, one of the Democrat’s key campaign promises: higher taxes.

While the president and his Cabinet have made progress in persuading foreign partners to back a global minimum corporate tax rate, the Biden team does not appear any closer to passing the types of sweeping tax reform he promised during his 2020 campaign.