White House Floating New Tax Increase Plan

The current bill does not have enough Senate support. 

The White House is giving consideration to a new tax increase plan to get enough senators on board to pass President Biden’s stalled multi-trillion dollar social services and climate change package. The latest proposals call for scrapping a big tax increase on corporations and instead including a new “billionaires’ tax” on investments. 

The corporate tax rate is presently 21%, and the proposal is to increase it to 25% for companies earning more than $5 million a year. The top individual income tax rate would go up from 37% to 39.6% for those earning more than $400,000 or $450,000 for married couples. Under the change being considered, the corporate tax rate would remain the same. 

The Build Back Better bill, now estimated at $2 trillion, compared to $3.5 trillion, still faces resistance in the Senate. 

On Wednesday, President Biden said, “This has been declared dead on arrival from the moment I introduced it, but I think we’re going to surprise them, because I think people are beginning to figure out what’s at stake.” 

As the Lord Leads, Pray with Us…

  • For administration officials as they propose changes to funding for the Build Back Better bill on the president’s agenda. 
  • For members of the Senate as they evaluate the high costs of the major spending bills. 

Sources: Just The News, The Hill, AP 


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