Democratic tax hikes: What's on the table and what's been abandoned
by Zachary Halaschak, Economics Reporter |
| October 26, 2021 03:25 PM
Democrats have floated a wide menu of tax hikes to pay for their infrastructure and social spending package. Here is what has been proposed and what has a chance of becoming law.
It has been months since President Joe Biden’s administration first announced plans for sweeping legislation intended to improve healthcare, retirement, transportation, the country’s technological infrastructure, and combat climate change, among many other Democratic priorities.
The final price is still in flux after initially clocking in at $3.5 trillion and now stands at about $2 trillion, according to Biden. How much the spending package could end up costing may come down to which taxes Democrats are able to agree on, and that largely hinges on two centrists in the party: Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona.
Because the Senate is evenly split with Vice President Kamala Harris serving as the tiebreaking vote, the party can’t afford to lose support from either Manchin or Sinema, meaning they have outsize control over what taxes will end up being included in the final package.
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