Democrats Propose Tax Hikes on Corporations and the Wealthy to Fund $3.5T Biden Plan

What Happened:

• On Monday, House Democrats proposed tax hikes on corporations and the wealthy to help fund President Biden's $3.5 trillion rebuilding plan.

• The proposed tax rates would increase corporate rates from 21% to 26.5% on incomes above $5 million and would revert to 39.6% for couple earning over $450,000. There would also be a 3% tax on Americans earning over $5 million a year.

• The President’s rebuilding plan includes spending on child care, health care, education and strategies to combat climate change.

• The proposal is expected to see much opposition from corporations as well as the GOP.

Developing Story

Photo Source: congress.gov

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