Biden's tax hike proposal to face tough battle in Congress

Within his own party, Biden's sweeping spending plans could also face resistance from moderate Democrats, who have already raised concerns over proposed tax hikes.

Josh Gottheimer, a House representative from New Jersey, recently told US news website Axios that "we need to be careful not to do anything that's too big or too much in the middle of a pandemic and an economic crisis."

Scott Peters, a representative of California, and Joe Manchin, senator of West Virginia, both indicated that they consider a corporate tax rate of 28 percent to be too high, and would be inclined to support a smaller tax hike. The 2017 tax law slashed the top corporate tax rate from 35 percent to 21 percent.

With slim majorities in both chambers of Congress, Democratic leaders are poised to face challenges in unifying the party. In the 50-50 split Senate, the party can't afford to lose a single vote, while in the House of Representatives, the party can lose just three Democratic votes, with unanimous Republican opposition.

Greg Cusack, a former member of the Iowa House of Representatives, told Xinhua that Biden is potentially "the most significant president" since Franklin D. Roosevelt if Congress can pass his legislation. "That's a big 'IF,'" he said. "However, the ball is now in Congress' court and this doesn't look promising."