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.