Explainer-Main Battles Ahead for U.S. Democrats’ $3.5 Trillion Social Spending Bill

explainer main battles ahead for u s democrats 3 5 trillion social spending bill 1

Sumary of Explainer-Main Battles Ahead for U.S. Democrats’ $3.5 Trillion Social Spending Bill:

  • The House Ways and Means Committee on Wednesday was poised to advance a tax plan on Wednesday that would raise the top tax rates to 39.6% for individuals and 26.5% for corporations and hike capital gains taxes, rolling back part of Republicans’ 2017 tax cuts.
  • In committee debate, Republicans hammered these credits as giveaways to wealthy Tesla car buyers and corporations like Amazon.
  • Democrats’ plans to extend a larger Child Tax Credit through 2025, providing families monthly payments of up to $300 per child, would cost a hefty $556 billion, according to JCT.
  • Tax credits for child care workers and expenses would cost $35 billion and an expanded Earned Income Tax Credit for low-income workers would cost $135 billion over a decade.
  • Manchin has voiced concern that the Child Tax Credit contains no work requirements for parents nor education requirements.
  • A Reuters analysis has found that the expanded credit has disproportionately benefited Republican states.
  • STATE, LOCAL TAXES Republicans under former President Donald Trump’s 2017 tax law capped state and local tax deductions (SALT), at $10,000, effectively raising many tax bills in higher-tax Democratic states such as New York and California.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.