After Republicans delivered trillion dollar tax cuts to corporations and the wealthiest Americans at the expense of middle class families, President Biden and Democrats are hard at work to deliver for American families — and ensuring corporations and the wealthiest Americans pay their fair share. And yet again, Republicans are already making clear that holding corporations accountable and delivering for families is just too much for them.
President Biden and Democrats are making clear that not only will they make massive investments in American families, they will also undo the 2017 Republican tax law and make sure the wealthy and corporations pay their fair share.
- Washington Post: “A powerful panel of House Democrats on Sunday circulated a draft plan that would raise $2.9 trillion in new taxes and revenue predominantly targeted toward wealthy Americans, corporations and investors. The new proposal includes many measures Democrats are widely expected to embrace, such as increasing the top tax rate on Americans earning over $435,000 from 37 percent to 39.6 percent. It also calls for a new corporate tax rate of 26.5 percent for large profitable businesses, up from the current rate of 21 percent but lower than President Biden’s original proposal of 28 percent. Some smaller firms would see their taxes stay the same or even cut under the plan.”
- New York Times: “The preliminary proposal, which circulated on and off Capitol Hill on Sunday, would raise the corporate tax rate to 26.5 percent for the richest businesses and impose an additional surtax on individuals who make more than $5 million. The plan could be a critical step for advancing the $3.5 trillion package, which is expected to include federally funded paid family leave, address climate change and expand public education. While it is unclear whether the entire House tax-writing committee supports the proposal, it suggests plans to undo key components of the 2017 Republican tax law, although some provisions fall short of what Mr. Biden proposed earlier this year.”
Just last week, a new report uncovered the billions the wealthiest Americans are dodging paying in taxes while middle class families shoulder a larger burden.
- New York Times: “The wealthiest 1 percent of Americans are the nation’s most egregious tax evaders, failing to pay as much as $163 billion in owed taxes per year, according to a new Treasury Department report released on Wednesday. The analysis comes as the Biden administration is pushing lawmakers to embrace its ambitious proposal to invest in beefing up the Internal Revenue Service to narrow the ‘tax gap,’ which it estimates amounts to $7 trillion in unpaid taxes over a decade.”
- Associated Press: “‘This is a commonsense thing that people agree with,’ said Kate Berner, White House deputy communications director. ‘They don’t understand why companies can park profits overseas and pay no money in taxes. They don’t understand why a hedge fund manager pays a lower tax rate than a pipefitter. It’s something that people think of as fundamentally broken.’”