Tax Hikes to Pay for Biden Agenda Approved by House Committee

tax hikes to pay for biden agenda approved by house committee

Sumary of Tax Hikes to Pay for Biden Agenda Approved by House Committee:

  • The vote largely along party lines — there were no Republican votes in favor — brings President Joe Biden’s $4 trillion longer-term economic agenda one step closer to enactment.
  • The tax package will help pay for the biggest expansion in social spending in decades, in a budget bill currently penciled in at $3.5 trillion.
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  • Article content While the committee agreed to key elements, including tax increases on businesses and the wealthy, an extension of refundable child tax credits along with a bevy of incentives for clean energy, differences remain with legislation being developed in the Senate.
  • But we can also ask the biggest companies and the ultra-wealthy to contribute a bit more to the common good,” Ways and Means Chairman Richard Neal said.
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  • Article content Among key measures yet to be determined is addressing the $10,000 cap on the federal deduction of state and local taxes.
  • His panel punted SALT talks to Speaker Nancy Pelosi to resolve later, likely at the House Rules Committee, which governs the chamber’s floor action.

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