• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Politics

President Biden says he doesn’t think he has enough votes to raise tax rates

By
Jenny Leonard
Jenny Leonard
,
Josh Wingrove
and
Bloomberg
Bloomberg
Down Arrow Button Icon
October 22, 2021, 2:32 AM ET

President Joe Biden said he doesn’t think there are enough Democratic votes to raise tax rates in a deal on his economic agenda, but that he believes he’ll reach an agreement on the overall legislative package.

“I don’t think we’re going to be able to get the vote,” he said in response to a question about individual and corporate rates at a CNN town hall on Thursday in Baltimore. “Look, when you’re in the United States Senate and you’re president of the United States and you have 50 Democrats, everyone is the president.”

A White House official said Biden was referring only to corporate tax rate increases, not other potential provisions to raise federal revenue, including other tax proposals.

Democratic negotiators have been working to address opposition from Senator Kyrsten Sinema, an Arizona moderate, to boosting rates. She has agreed to raise tax revenue from companies and the wealthy, according to a person familiar with the matter. But that’s posed a challenge to craft potential alternatives to rate increases. 

Biden also acknowledged that two provisions of the large social-spending bill he calls “Build Back Better” had been curtailed. An initiative to provide paid family leave would be slashed to just four weeks from 12, he said, and a proposal to make community college free would be eliminated.

He said he would push for increasing Pell grants for lower-income college students instead.

The president said he believes Democrats will reach agreement on the package, while acknowledging that many Americans don’t understand the details of the legislation—a hurdle as he tries to sell it to the country. 

“There’s a lot that people don’t understand, and by the way, all of it’s paid for,” he said. “I do think I’ll get a deal.”

Condition Rejected

Biden said he had resisted demands by one key centrist senator, Joe Manchin of West Virginia, to include work requirements for a measure extending an expanded child tax credit.

“No,” he said. “Here’s the deal, all these people are working anyway.”

The president spent much of this week meeting with different factions of congressional Democrats in order to try to strike a deal on the two bills that make up his overall economic agenda—a $550 billion bipartisan infrastructure plan already passed by the Senate, and a larger package of programs on education, health, childcare and climate change that would also raise some taxes.

He hosted separate group sessions with moderate and progressive members on Tuesday and met one-on-one with Manchin and Sinema, who are withholding their support for the social-spending and tax-increase legislation the House drafted.

National Guard?

Biden promoted the potential benefits of the legislation during a trip to his hometown of Scranton, Pennsylvania, Wednesday and again made the case for it in a speech on racial justice earlier Thursday.

Biden told lawmakers he needs a legislative victory before he departs for the Group of 20 leaders summit in Rome and the United Nations climate summit in Scotland, to show world leaders that American democracy can still deliver.

On another subject, Biden acknowledged that the U.S. has “a significant supply-chain problem” and said he would consider deploying the National Guard to drive trucks in order to more quickly get goods out of ports “if we can’t increase the number of truckers, which we’re in the process of doing.”

More politics coverage from Fortune:

  • Business leaders have the power to disrupt the political status quo
  • Colin Powell: The best advice I ever got
  • Miami private school says vaccinated students must stay home for 30 days
  • ‘Gone too far’: Meet the Dutch chips giant that Silicon Valley loves and Biden fears
  • That ’70s (horror) show: Investors are freaking out about stagflation, a relic of the Carter years
Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.
About the Authors
By Jenny Leonard
See full bioRight Arrow Button Icon
By Josh Wingrove
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.


Most Popular

placeholder alt text
Economy
The $38 trillion national debt is to blame for over $1 trillion in annual interest payments from here on out, CRFB says
By Nick LichtenbergDecember 17, 2025
3 days ago
placeholder alt text
AI
Meta’s 28-year-old billionaire prodigy says the next Bill Gates will be a 13-year-old who is ‘vibe coding’ right now
By Eva RoytburgDecember 19, 2025
18 hours ago
placeholder alt text
Success
As graduates face a ‘jobpocalypse,’ Goldman Sachs exec tells Gen Z they need to know their commercial impact 
By Preston ForeDecember 18, 2025
2 days ago
placeholder alt text
Success
Billionaire who sold two companies to Coca-Cola says he tries to persuade people not to become entrepreneurs: ‘Every single day, you can go bankrupt’
By Dave SmithDecember 19, 2025
15 hours ago
placeholder alt text
Economy
‘This is a wacky number’: economists cry foul as new government data assumes zero housing inflation in surprising November drop
By Eva RoytburgDecember 18, 2025
1 day ago
placeholder alt text
Success
The scientist who helped create AI says it’s only ‘a matter of time’ before every single job is wiped out—even safer trade jobs like plumbing
By Orianna Rosa RoyleDecember 19, 2025
15 hours ago

Latest in Politics

LawJeffrey Epstein
One of the few revelations in the Epstein files is a copy of the earliest known red flag about the sex offender: a report taken by the FBI in 1996
By Michael R. Sisak, Eric Tucker, Alanna Durkin Richer and The Associated PressDecember 19, 2025
2 hours ago
PoliticsJeffrey Epstein
Congressmen who pushed to release Epstein files say massive blackout doesn’t comply with law and ‘are exploring all options’ — including impeachment
By Jason MaDecember 19, 2025
5 hours ago
LawJeffrey Epstein
Epstein files: Trump, Clinton, Summers, Gates not returning any results in search bar
By Jason MaDecember 19, 2025
7 hours ago
Thomas “Tom” McInerney is President, CEO and a Director of Genworth Financial
CommentaryCaregiving
I’m a CEO who’s spent nearly 40 years talking to presidents, lawmakers and leaders about our long-term care crisis. They knew this moment was coming
By Thomas McInerneyDecember 19, 2025
13 hours ago
jewelry
EconomySmall Business
‘This year is just not a jewelry Christmas’: Meet a 64-year-old small businesswoman who’s seen her Main Street decline for the last decade
By Makiya Seminera and The Associated PressDecember 19, 2025
14 hours ago
Trump
PoliticsMedia
Why did Trump get 18 minutes of prime-time television for a totally partisan, largely inaccurate monologue?
By Bill Barrow and The Associated PressDecember 19, 2025
15 hours ago