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.
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.
The proposal increases