Biden won’t get all his tax increases through Congress. Here’s what Morgan Stanley thinks is possible.

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President Joe Biden wants to increase taxes on some of the country’s highest earners to pay for affordable childcare, paid family leave, and free community college.

But how much will taxes actually go up? Morgan Stanley thinks Biden will only get some of what he’s asking for.

The investment bank cited comments from moderate Democratic Sen. Joe Manchin of West Virginia in predicting that a 25% corporate tax rate — not 28%, as Biden proposed — is possible. And while the income rate increasing to 39.6% for those earning over $400,000 remains possible, it said, an details ⇒

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