10/28/2021

Democrats Look to Settle on New Tax Plan

Some concerns still exist among conservative Democrats

Congressional tax writers are still working to determine which tax proposals will be used to offset the cost of President Joe Biden’s economic agenda.

The White House released a fact sheet earlier today that would leave most of former President Donald Trump’s 2017 tax cuts in place, including the corporate tax rate, the top individual income tax rate and the capital gains rate. Instead, the biggest sources of revenue to pay for the social spending package would come from investments in the IRS to aggressively crack down on tax evasion; a new 15 percent minimum tax on large corporations; and an overhaul of the international tax system for multinational corporations.

The White House projects the revenue changes it is putting forward will fully offset the $1.75 trillion cost of the president’s latest social spending framework.

A billionaires income tax proposal from Senate Finance Committee Chairman Ron Wyden (D-OR) was not included in the White House tax plan, and Wyden said he is following up with the White House to determine why it was left out.

“The Billionaires Income Tax would ensure billionaires pay tax every year, just like working Americans,” Wyden said. “No working person in America thinks it’s right that they pay their taxes and billionaires don’t. We have a historic opportunity with the Billionaires Income Tax to restore fairness to our tax code and [to] fund critical investments in American families.”

This article was provided to OSAP by ASAE's Power of A and Inroads.