Democrats' New Tax Plan Hits Corporations, Wealthy Americans Hardest
Newsy
House Democrats propose raising the tax rate for millionaires by 10% and lifting the corporate tax rate for some companies by 4.5%.
House Democrats began the serious work of trying to implement President Joe Biden’s expansive spending plan, but getting there will require remarkable legislative nimbleness, since Biden has said the revenue to pay for it must come only from Americans who earn more than $400,000 a year. To be clear: If you make under 400k, my Build Back Better Agenda won’t raise your taxes a cent. Not only that — you’ll get a historic tax cut, and see lower costs on things like child care and health care. And all of it will be paid for by the wealthy paying their fair share.
Republicans, who have vowed lockstep opposition to the plan, turned their anger against proposed tax breaks they portrayed as subsidies for wealthy elites rather than help for the poor and middle class. Electric vehicles became a rallying symbol as class-warfare overtones echoed through a committee session.
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