Here’s How Democrats Plan To Hike Taxes To Pay For Their $3.5 Trillion Budget

[mystery-ak]

Here’s How Democrats Plan To Hike Taxes To Pay For Their $3.5 Trillion Budget


Andrew Trunsky
Political Reporter
September 13, 2021 10:11 AM ET
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House Democrats will consider nearly $3 trillion in tax hikes over the next decade in an attempt to pay for their $3.5 trillion budget that includes most of President Joe Biden’s domestic agenda and would overhaul the nation’s social safety net.

The hikes are predominantly focused on wealthy Americans and large corporations. Among the increases is a top income tax bracket of 39.6%, up from 37%, which Democrats say would raise $170 billion in revenue over the next decade.

A summary of the proposals leaked Sunday, and was first reported by The Washington Post.

Democrats want to raise approximately $1.9 trillion from corporations and wealthy Americans, which the White House has described as individuals earning at least $400,000. The plan draws a similar line, but includes households earning at least $425,000 and married couples earning $450,000.

The top capital gains rate would jump by 5% to 25%, raising about $123 billion. Changes to what qualifies as investment earnings, however, could effectively increase the rate to 28.3%, raising another $252 billion.

Changes to the estate tax exemption would raise about $50 billion in revenue, and an additional 3% tax on Americans earning more than $5 million would bring in another $127 billion as well, according to the plan.

The overall total of every increase adds to about $2.9 trillion, leaving a $600 billion gap between the new revenue and the budget’s 10-year cost. But the plan assumes that the new changes will spark economic growth and increase revenues even further, in theory canceling out the shortage.

It also bumps the corporate tax rate from 21% to 26.5%, which has led to some internal disagreement between moderate Democrats and progressives.

West Virginia Sen. Joe Manchin, who has already objected to the bill’s overall size multiple times, said Sunday that he supported a corporate tax rate of 25%, while progressives have insisted it be higher and have already called the $3.5 trillion number a “compromise.”

https://dailycaller.com/2021/09/13/democrats-plan-hike-taxes-pay-3-5-trillion-budget/

[mystery-ak]

https://twitter.com/RealSaavedra/status/1437459201559654401

[Killer Clouds]

So what it says is the DCP is raising taxes on EVERYONE! Corporations don't pay taxes.

[christian]

Seems to me people were clearly warned this massive spending would result in inflation and massive tax hikes.  How did the know it all deniers miss this, a school kid could have figured it out.  It certainly was obvious to me.

[mystery-ak]

Top earning New Yorkers and Californians could face 60% combined tax rate, while the top rate of corporate tax would be raised to 26.5% - higher than communist China - under House Democrats' bill to fund $3.5trillion spending plans

    The House Ways and Means Committee unveiled plans on Monday to increase taxes to fund spending
    Its bill would raise the top corporate tax rate from 21 percent to 26.5 percent
    Individuals earning more than $5million face a three percent surtax
    It sets a top income tax rate of 39.6 percent for those earning over $400,000
    The proposals are part of a package to fund $3.5 trillion in spending plans
    The tax measures could raise as much as $2.9 trillion

By Rob Crilly, Senior U.S. Political Reporter For Dailymail.Com and Reuters

Published: 09:30 EDT, 13 September 2021 | Updated: 20:13 EDT, 13 September 2021

House Democrats unveiled proposals on Monday to pay for a $3.5 trillion spending plan, with tax increases that could mean the wealthiest New Yorkers and Californians face rates of about 60 percent.

The plans represent a rollback of Donald Trump's tax cuts and include a three percent surtax on individuals who earn more than $5million as well as increases in capital gains tax and a corporate tax hike from 21 percent to 26.5 percent for the biggest companies. 

Critics said that was a higher rate than communist China - where the general corporate tax rate is 25 percent - and said ordinary families would face higher bills as the hikes were passed on to consumers.

more
https://www.dailymail.co.uk/ushome/article-9985809/U-S-House-Democrats-seek-corporate-tax-increase-26-5-percent.html

[christian]

The people living homeless out in the streets in Caly-fornia are soon going to have a lot more company. and mean that besides the massive surge of foreigners coming here to take whatever jobs there are.