Richard Neal (D-MA), Chairman of the House Roads and Means Committee, reportedly pledged on Friday to raise taxes if Democrats retain control of the House after the midterms.
The tax increase includes tax increases for individuals and businesses, likely during a recession and 40 years of inflation, according to Bloomberg. reported. The tax increase will reportedly be in line with the Roads and Means Committee’s proposal last year.
Democrats sought to increase taxes in President Joe Biden’s unsuccessful 2021 “Do It Better Than You” proposal. According to McDermott Will & Emery, the plan includes a 3.8% net investment income tax increase, a 5-8% surcharge for some taxpayers, and a 15% minimum tax for large corporations.
BRENDAN SMIALOWSKI/AFP via Getty Images
Thorunn Sinclair, Press Secretary of the Congressional Republican National Committee He accused the Democrats of plotting a tax increase. “Causing record high inflation, Democrats are now pledging to raise taxes even higher. “Democrats never miss an opportunity to punch the teeth of the middle class,” he said in an emailed statement.
On Sunday, Senate Democrats voted to raise taxes on most companies that earn $1 billion or more a year. As CBS News reported, “As the Senators approached the final vote on Sunday, the corporate tax provision became a point of contention:
Seven Democratic senators—Cinema, John Ossoff, Rafael Warnock, Katherine Cortez Masto, Maggie Hassan, Mark Kelly, and Jackie Rosen—joined Republicans in support of an amendment proposed by South Dakota GOP Senator John Thune that would exempt certain private equity-backed companies. .Capital city. from 15% of the minimum corporate tax rate
On Friday, the House of Representatives will vote on the Senate’s proposal. If the House of Representatives passes the bill through the approval process, Biden can sign it.
Subscribe to Wendell Husebø excitement@WendellHusebø. he writes Slave morality politics.
Source: Breitbart
