How taxes for the wealthy and big corporations would change under the new social spending plan
CBSN
The latest tax plan to pay for President Joe Biden's social spending bill would exact a minimum tax on the nation's biggest companies and slap a surtax on the very wealthiest Americans, among other provisions. It also includes international taxation reforms, would close tax loopholes benefiting the rich and boost IRS spending to improve tax enforcement.
As Democratic lawmakers struggle to reach consensus on the details of the expansion of the social safety net, named the Build Back Better Act, trying to find ways to raise revenues has proved challenging. The latest framework for the legislation proposes changes to the tax code that would, the White House says, raise more than $1.99 trillion to cover their $1.75 trillion Build Back Better agenda over 10 years without raising taxes on small businesses or those making less than $400,000 a year, which the administration has called a red line for the president.
However, the Congressional Budget Office has not yet released any cost estimates on the plan.
