White House floats new tax plan to get enough Senate Democrats behind trillion dollar spending bill

Thursday, October 21, 2021 | Tag Cloud Tags: , , , , , , ,

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(Worthy News) – The White House is considering new tax-increase plans to get enough Democrat senators to pass President Biden’s stalled multi-trillion dollar, social services and climate change package.

The plans call for scrapping a proposed big increase in corporate tax rates and instead including a new, so-called “billionaires’ tax” on the investment gains, according to the Associated Press.

The passage of Biden’s bill – now estimated at $2 trillion, compared to $3.5 trillion – faces resistance from two Senate Democrats including Arizona’s Kyrsten Sinema, who opposed the original plan to tax the country’s highest earners by undoing Trump-era tax breaks. [ Source: Just the News (Read More…) ]

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