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House Dems propose one of the largest tax increases ever to pay for Biden’s $3.5T spending bill (1765 hits)

House Dems propose one of the largest tax increases ever to pay for Biden’s $3.5T spending bill

House Democrats on Monday proposed one of the largest tax increases in U.S. history to pay for President Biden’s $3.5 trillion expansion of the federal safety net.

Democrats on the House Ways and Means Committee released an 881-page bill outlining a series of tax hikes and one-time revenue generators they say will ensure Mr. Biden’s big-spending domestic agenda is fully funded.

“Our proposals allow us to both address our perilously changing climate and create new, good jobs, all while strengthening the economy and reinvigorating local communities,” said Ways and Means Committee Chairman Richard Neal, Massachusetts Democrat.

As part of the proposal, Democrats are eyeing tax hikes across the board, including on individuals and corporations. The proposal calls for:

• Raising taxes on tobacco products.

• Hiking the corporate tax rate from 21% to 26.5%.

• Increasing the capital gains tax from 20% to 25%.

• Raising the top rate on individuals from 37% to the pre-Trump era high of 39.6%.

Imposing a wealth tax in the form of a 3% surcharge on individuals with income above $5 million.

• Increasing the minimum tax on foreign income derived by corporations, from 10.5% to 16.6%.

READ MORE: House Dems propose one of the largest tax increases ever to pay for Biden’s $3.5T spending bill https://m.washingtontimes.com/news/2021/se...