House Democrats are plotting a huge tax raid on the wealthy, businesses and investors to raise $2.9billion to cover the cost of President Joe Biden's domestic plans, leaked documents reveal.
The plans are a major rollback of Donald Trump's tax cuts and will see the corporate rate hiked from 21 per cent to 26.5 per cent according to the draft proposal circulating among Democrats on the House Ways and Means Committee.
Individuals who earn over $400,000 will receive a top tax rate of 39.6 per cent while married couples taking in more than $450,000 together will also be taxed at the same rate.
A spokesman for the House Ways and Means Committee, which is responsible for tax policy, did not immediately respond to a request for comment.
In a statement, White House spokesman Andrew Bates said House Democrats are making 'significant progress towards ensuring our economy rewards work and not just wealth by cutting taxes for middle class families; reforming the tax code to prevent the offshoring of American jobs; and making sure the wealthiest Americans and big corporations pay their fair share.
The overall package of tax changes, summarized in a four-page document circulating among lobbyists and congressional aides on Sunday, was estimated to raise $2.9trillion in new revenue, largely covering the costs of President Joe Biden's $3.5trillion domestic investment plan.
Firms will also be prevented from shifting profits abroad to tax havens in a bid to avoid paying their share in the US.The plans are a significant unwinding of the cuts implemented under Trump in 2017.White House spokesman Andrew Bates said the proposal 'makes significant progress toward ensuring our economy rewards work and not just wealth'.
Monday, September 13, 2021
House Dems plot $2.9TRILLION tax raid targeting America's wealthiest to fund social spending plan
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