Democrats Propose Tax Hikes on Corporations and the Wealthy to Fund $3.5T Biden Plan
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.
Photo Source: congress.gov