The Democratic Party’s effort to pass a social spending package, formerly known as Build Back Better, is now stretching into its second year with advocates still holding out hope it could happen via a slimmed down version in the months ahead. On Wednesday, Sen. Elizabeth Warren (D-MA) suggested that there may be a consensus forming on how to at least pay for it. During an event at the progressive Center for American Progress, Warren said that her push to impose a minimum tax on the income that… Source link
Read More »Democrats Back Off Plan to Raise Tax Rates on Corporations, Wealthy
Raising tax rates on corporations and high-income households is a key part of Democrats’ plan to pay for their proposed multi-trillion-dollar social spending plan, but opposition to that approach from Sen. Kyrsten Sinema of Arizona has sent lawmakers scrambling to find alternative ways to offset costs. Given Sinema’s resistance, there’s a growing chance that the corporate income tax rate could remain untouched in the Democratic budget bill. Even the compromise rate of 25% reportedly… Source link
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