The tax hikes with which House Democrats plan to offset the costs of their infrastructure and social welfare legislation would raise enough revenue for at least a $1.5 trillion plan, according to an estimate released on Thursday from official congressional scorekeepers.
The plan would generate $813 billion from changes to the corporate and international tax code and about $250 billion from a surtax on those earning more than $10 million per year, in addition to a litany of other provisions, according to an analysis released by the nonpartisan Joint Committee on Taxation.
While the revenue-raising provisions are not final and some include items that might be modified in the Senate, the plan shows a path forward for Democrats, who are working overtime to pass their legislation.
DEMOCRATIC TAX HIKES WOULD RAISE $768 BILLION, SHORT OF BIDEN BILL COST: TAX FOUNDATION. There are also some proposals that were not included in the JCT's analysis of the legislation, chief among them the plan to massively boost Internal Revenue Service funding.
Changes are expected for the plan given that Democrats have an even tighter margin in the Senate and must come to an agreement that will not lose a single member's vote.
The House plan, which was the one scored on Thursday, includes a provision that would raise the $10,000 SALT cap to $72,500 across the board.
On the Senate side, Sen. Bernie Sanders pitched a different SALT plan.
https://www.washingtonexaminer.com/news/democrats-tax-changes-1-5-trillion-spending-package-jct
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