House Democrats Scale Back Biden’s Tax Increase Proposals

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The House Ways and Means Committee released a bill this week which proposes taxing wealthy individuals to fund Democrats’ $3.5 trillion social safety net legislation. While the bill would mark a drastic increase in taxes for some, Democrats have actually taken a step back from President Joe Biden’s tax increase proposals. Democrats are proposing raising the tax rate for those earning above $5 million from 21 percent to 26.5 percent. Biden had initially proposed a corporate tax rate of 28 percent. The Ways and Means Committee also proposed raising the top capital gains rate from 20 percent to 2…

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