Unfortunately the issue is too complicated to be boiled town to "higher" or "lower" taxes. In some cases higher taxes on a certain commodity, business or income bracket is a bad thing. In other cases, it helps immensely. On the flip side, lowering taxes, depending on where they are lowered, can equally help or hurt the big picture.
So, where, who, what and by how much does Biden propose to increase taxes? As with all things in life, the devil is in the details so if you can answer those questions then you'll be in a better place to make a judgement call as to whether or not it's a good thing.
Furthermore, there really won't be much of a choice in the matter- at some point along the line U.S taxes either must go up, OR major government cuts are going to have to happen. Why? U.S deficit is currently at 9.5 trillion. The federal reserve has spent almost 1 trillion dollars in the last year and will now get hundreds of billions of dollars more of taxpayer money to bail out the big banks. Someone will have to pay for it. Also, keep in mind the estimated 3 trillion (or more) cost of the wars in Iraq and Afghanistan, plus ongoing commitments and expenses to maintain almost 800 military bases outside of your county's border.
All of that cost is essentially going on the biggest credit card in history. What does this mean? Foreign countries, with their massive trade surpluses with the U.S have been buying hundreds of billions of dollars worth of U.S government treasuries bills, the actual worth of which is backed by the "full faith and credit" of the United States Government. When these countries start to unload these T-bills (which they have been doing gradually for the last year and half now) the good times come to an end and suddenly the U.S has no more money, other than what you print. If you get to this point where you have to print money to make things better, you get hyper inflation hello Weimar Germany.
Regardless, you come to a point where either the bill must be paid, or, you walk away from the debt and declare that you owe nothing (micro scale this is walking away from a house and declaring bankruptcy, macro scale this was Germany in the 1930's defaulting on war reparation payments and most recently Argentina telling the IMF and World Bank they could go screw themselves and their massive debt)
So, if the U.S is ever going to pay this debt you either must raise taxes or cut government spending to the bone.
If this is never going to be repaid, then the U.S must be prepared to use it's only remaining recognized international asset, it's military, to keep itself solvent on international markets (recognize that we no longer have any debt and continue to trade with us or we bomb you!!)
The military option is very scary to say the least and could be very, very bad for a lot of people.
The tax vs cut option then raises the question as to what kind of society you want to live in.
What's more important? the good of private businesses or the public?
Who's more important? The board of directors and captains of industry or the will and sentiment of the common man?
If taxes aren't raised, then the government cuts would have to be massive. This would mean either the complete deconstruction of the U.S military aparatus overseas, bringing ALL the troops home (might be good for domestic disturbances that will be bound to happen)
-or- deconstruction of social programs, welfare (that applies to retirement for old people as well, meaning grandpa and grandma would suddenly be in a pickle) medicare, universal education, infrastructure, all of it would need to be cut to the bone.
In which case, you would then live in a country in which your tax dollars would only be spent on the military and police, essentially. There is a term that encompasses this kind of country; "banana republic"
