House Democratic proposals amount to $2 trillion tax hike

House Democratic proposals amount to $2 trillion tax hike


The tax hikes House Democrats plan to offset the costs of President Joe Biden’s massive infrastructure and social welfare legislation would net more than $2 trillion in revenue over the next decade, according to an estimate released Monday.

The combination of tax code shake-ups by the House Ways and Means Committee, which includes increases to the capital gains rate, top marginal income tax rate, and corporate tax rate, among others, will raise nearly $2.1 trillion, the nonpartisan Joint Committee on Taxation concluded.

When tax breaks for housing, green energy, and other Democratic priorities are factored in, the Monday plan would generate $871 billion in net revenue.

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The plan is still being debated, and the initial proposal is likely to disappoint some centrist Democrats as well as some of those further to the left of the party.

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The proposal increases

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