Congress Biden Budget

House Judiciary Committee Chair Jerrold Nadler, D-N.Y., (left), listens as Rep. Jim Jordan, R-Ohio, the ranking member, makes an opening statement during a markup session as congressional Democrats speed ahead this week in pursuit of President Joe Biden’s $3.5 trillion plan for social and environmental spending, at the Capitol in Washington, Monday.

WASHINGTON (AP) — House Democrats unveiled a sweeping proposal Monday for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan, as Congress speeds ahead to shape the far-reaching package  that touches almost all aspects of domestic life.

The proposed top tax rate would revert to 39.6% on couples earning more than $450,000, and there would be a 3% tax on wealthier Americans making beyond $5 million a year. For big businesses, the proposal would lift the 21% corporate tax rate to 26.5% on incomes beyond $5 million.

In all, the tax hikes are in line with Biden’s own proposals and would bring about the most substantive changes in the tax code since Republicans with then-President Donald Trump slashed taxes in 2017. Business and anti-tax groups are sure to object. But Democrats are pressing forward.

Rep. Richard Neal, D-Mass., the chairman of the tax-writing Ways & Means Committee, said taken together, the proposals would “expand opportunity for the American people and support our efforts to build a healthier, more prosperous future.”

It’s a daunting moment for Biden and his allies in Congress as they assemble the massive package that is destined to become one of the largest singles measures considered in some time, if ever. The president’s “build back” agenda includes spending on child care, health care, education and strategies to confront climate change. It is a sweeping undertaking, on part with the Great Society or New Deal.

One Democratic senator vital to the bill’s fate says the cost will need to be slashed to $1 trillion to $1.5 trillion to win his support.

Sen. Joe Manchin, D-W.Va., also cautioned there was “no way” Congress will meet the late September goal from House Speaker Nancy Pelosi, D-Calif., for passage given his current wide differences with liberal Democrats on how much to spend and how to pay for it.

(1) comment

Jimzan 2.0

If you don't have any children, and are Godless...then support the Dem Parasites who are putting America's Children is a "MASSIVE DEBT" Dems are like a 12 year old with a credit card...not realizing someone has to make the payment. Thomas Jefferson Quote """It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.""" Seems the Left wing parasites didn't get that message.

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