Personal Taxes

Democrats are weighing will increase in corporate and personal revenue tax charges

WASHINGTON – Democrats are considering a variety of potential tax hikes, including raising the corporate tax rate and the highest marginal tax rate for individuals, to boost revenue as President Biden prepares to shape his infrastructure, climate and education agenda.

White House officials have come up with a tentative plan that would cost about $ 3 trillion and split the next legislative push into two groups, one targeting infrastructure projects like roads, bridges, and water systems, and the other targeting awareness and education Focused on poverty reduction.

The plan also breaks the tax increases into two parts: it proposes increasing taxes for businesses as part of the infrastructure bill and reserving tax increases for high-income households for the second package, according to those familiar with the discussions.

Aides are expected to present the plan to Mr. Biden and his top advisors this week, meaning its details and configuration could change before the White House presents it to the leaders on Capitol Hill. Even then, lawmakers will have their own ideas about spending, taxes, and the order and packaging of the legislative agenda.

Democrats in Congress have started discussions about tax hikes they support to pay for programs and fight inequality. House spokeswoman Nancy Pelosi, D., Calif., Said a corporate tax rate hike and capital gains tax hike were possible options during a meeting last week, according to a senior Democratic adviser.

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