House Dems propose one of the largest tax increases ever to pay for Biden’s $3.5T spending bill; Biden Breaks Pledge: Raises Taxes on Americans Earnings over $50k; House Democrats plan new tax hikes to fund $3.5T spending bill: Here are the proposals

By admin On Sep 16, 2021

House Dems propose one of the largest tax increases ever to pay for Biden’s $3.5T spending bill:

House Democrats on Monday proposed one of the largest tax increases in U.S. history to pay for President Biden’s $3.5 trillion expansion of the federal safety net.

Democrats on the House Ways and Means Committee released an 881-page bill outlining a series of tax hikes and one-time revenue generators they say will ensure Mr. Biden’s big-spending domestic agenda is fully funded.

“Our proposals allow us to both address our perilously changing climate and create new, good jobs, all while strengthening the economy and reinvigorating local communities,” said Ways and Means Committee Chairman Richard Neal, Massachusetts Democrat.

As part of the proposal, Democrats are eyeing tax hikes across the board, including on individuals and corporations. The proposal calls for: —>READ MORE HERE

Joe Biden Breaks Pledge: Raises Taxes on Americans Earnings over $50k:

The Democrats’ $3.5 trillion infrastructure bill would break President Joe Biden’s pledge not to increase taxes on working-class Americans.

The Joint Committee on Taxation (JCT) found that the House Ways and Means Committee’s portion of the $3.5 trillion infrastructure bill would increase taxes on Americans making over $50,000 or more per year in the calendar year 2031, according to a Joint Committee on Taxation (JCT) report.

The JCT’s analysis of the infrastructure bill would serve as a significant break from Biden’s promise not to raise taxes on Americans making less than $400,000 per year.

“The President remains committed to his pledge from the campaign that nobody making under $400,000 a year will have their taxes increased,” White House press secretary Jen Psaki said in March. Psaki clarified that this figure applies to families, not individuals, but the infrastructure plan would still raise taxes on most Americans. —>READ MORE HERE

Source