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Democrats Attempt Appeal to Moderates by Slimming Biden Tax Plan
Posted
September 13, 2021
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11,206
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September 13, 2021
11,206
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0:30Now PlayingHouse Democrats have drafted a package of tax increases that falls short of President Joe Biden’s ambition, an acknowledgment of how politically precarious the White House’s $3.5 trillion economic agenda is for party moderates.
The Democratic proposal would raise the top corporate tax rate from 21% to 26.5%, less than the 28% Biden had sought, people familiar with the matter said Sunday night. The top rate on capital gains would rise from 20% to 25%, instead of the 39.6% Biden proposed, the people said.
The package of proposals, estimated to raise more than $2 trillion, are slimmed down to appeal to business-minded Democrats, many of whom hail from swing districts. And Democratic leaders, who need the party’s full support to push Biden’s agenda through Congress, will almost certainly pare them down further in the weeks ahead.
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