House Democrats Propose Tax Hikes to Pay for Biden’s $3.5 Trillion Spending Bill

According to various media reports, Democrats in the U.S. House of Representatives’ Ways & Means Committee have promulgated a series of tax increases to fund the expansion of social safety net programs and fight climate change, as part of President Biden’s $3.5 trillion spending plan. Among the many proposed items is an increase in the corporate tax rate to 26.5% (up from 21%), a 3 percentage point surtax on top earners and a capital-gains tax increase. Continue reading HERE...