Democrats seek corporate, wealthy tax hikes for $3.5T plan
3 years, 3 months ago

Democrats seek corporate, wealthy tax hikes for $3.5T plan

Associated Press  

WASHINGTON — House Democrats unveiled a sweeping proposal Monday for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan, as Congress speeds ahead to shape the far-reaching package that touches almost all aspects of domestic life. Rep. Richard Neal, D-Mass., the chairman of the tax-writing Ways & Means Committee, said the proposals, taken together, would “expand opportunity for the American people and support our efforts to build a healthier, more prosperous future.” It’s an opening bid at a daunting moment for Biden and his allies in Congress as they assemble the massive package that is expected to become one of the largest single domestic policy measures considered in decades. “I cannot support $3.5 trillion,” Manchin said Sunday, citing in particular his opposition to raising the corporate tax rate above 25%, a figure he says will keep the U.S. globally competitive. The House tax proposal was pitched as potentially raising some $2.9 trillion, a preliminary estimate — but it would go a long way toward paying for the $3.5 trillion legislation.

Congress Trump White House Democratic Senate Republican House Biden Plan Rate Trillion Tax Hikes Tax Proposal Democrats Seek  tax  proposal  wealthy  taxes  hikes  plan  corporate  rate  senate  trillion  democrats  seek  bidens  house  35t

History of this topic

Trump’s plans to extend tax cuts will likely spur economic growth − but there's a cost
1 month, 2 weeks ago

Trump’s plans to extend tax cuts will likely spur economic growth − but there's a cost

Raw Story  

The economy was one of their top issues as voters went to the polls this year. Extending Trump’s 2017 tax law I followed the election closely, with a keen interest on each candidate’s economic plans. Extending the individual income tax cuts would keep marginal tax rates from jumping and lead – relative to letting them expire – to an increase …

Big corporations used Trump tax cuts to pump $839B into buybacks and dividends: report
2 months ago

Big corporations used Trump tax cuts to pump $839B into buybacks and dividends: report

Raw Story  

The 15 largest corporate beneficiaries of former President Donald Trump's 2017 tax law have dumped a combined $839 billion into executive-enriching stock buybacks and dividends since the measure's passage, according to research released Wednesday by the progressive watchdog group Accountable.US. "There's nothing to be gained for everyday Americans by doubling down on the Trump corporate tax breaks—a historic mistake that …

15 big corporations used Trump tax cuts to pump $839 billion into buybacks, dividends
2 months ago

15 big corporations used Trump tax cuts to pump $839 billion into buybacks, dividends

Raw Story  

The 15 largest corporate beneficiaries of former President Donald Trump's 2017 tax law have dumped a combined $839 billion into executive-enriching stock buybacks and dividends since the measure's passage, according to research released Wednesday by the progressive watchdog group Accountable.US. "There's nothing to be gained for everyday Americans by doubling down on the Trump corporate tax breaks—a historic mistake that …

Study shows Trump plan would slash taxes for richest 5%, hike them for everyone else
2 months, 2 weeks ago

Study shows Trump plan would slash taxes for richest 5%, hike them for everyone else

Raw Story  

A detailed new analysis of the tax proposals Republican nominee Donald Trump has floated during the 2024 presidential campaign show they would result in annual tax increases for the bottom 95% of the U.S. income distribution—and a substantial giveaway to the richest 5%. The Institute on Taxation and Economic Policy described its study, published Monday, as the "most comprehensive analysis …

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%
2 months, 2 weeks ago

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%

Salon  

Former President Donald Trump's proposed tax plan would create tax cuts for the nation's top 5% of earners while leaving the rest of Americans to shoulder tax increases by 2026, according to a new analysis. We need your help to stay independent Subscribe today to support Salon's progressive journalism The income tax exemptions, green-energy credit repeals and 2017 tax law …

Donald Trump Tax Plans Would Increase Taxes On 95% Of Americans, Analysis Finds
2 months, 2 weeks ago

Donald Trump Tax Plans Would Increase Taxes On 95% Of Americans, Analysis Finds

Huff Post  

LOADING ERROR LOADING Former President Donald Trump’s domestic policy agenda would amount to a tax increase on the vast majority of American households, according to a new analysis by a Washington, D.C., think tank, thanks largely to his proposed tariffs on imported goods. “We’re doing tariffs on other countries.” The conservative Tax Foundation has said Trump’s tariffs would essentially be …

Analysis shows Trump tax plan would make rich people richer — and working people poorer
2 months, 2 weeks ago

Analysis shows Trump tax plan would make rich people richer — and working people poorer

Raw Story  

Republican presidential nominee Donald Trump's proposal to further reduce the U.S. corporate tax rate from 21% to 15% would make the bottom half of the nation's income distribution poorer while boosting the fortunes of those at the very top, according to an analysis published Thursday by economists at American University. If implemented, the economists found, Trump's plan would "modestly reduce" …

Trump says he’ll boost the economy by cutting federal spending and corporate taxes
3 months, 2 weeks ago

Trump says he’ll boost the economy by cutting federal spending and corporate taxes

LA Times  

Donald Trump speaks at a campaign event at the Economic Club of New York on Thursday. Former President Trump told a group of executives and industry leaders on Thursday that he wants to lead a “national economic renaissance” by slashing regulations to boost energy production, embracing cryptocurrencies and drastically cutting government spending as well as corporate taxes for companies that …

What we know about Kamala Harris’s tax plans
3 months, 3 weeks ago

What we know about Kamala Harris’s tax plans

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. In her keynote address at the Democratic National …

Kamala Harris proposes raising corporate tax rate to 28 percent; Here's all you need to know
4 months ago

Kamala Harris proposes raising corporate tax rate to 28 percent; Here's all you need to know

Hindustan Times  

U.S. Vice President Kamala Harris is proposing to increase the corporate tax rate to 28% from 21% if she wins a November election against Republican rival Donald Trump, her campaign said on Monday. Kamala Harris, a Democrat, has pledged to maintain President Joe Biden's promise not to raise taxes on people who make $400,000 or less a year. The Committee …

Trump’s economic plans include proposed tariffs, tax cuts and no taxes on tips. Details are scarce
5 months, 1 week ago

Trump’s economic plans include proposed tariffs, tax cuts and no taxes on tips. Details are scarce

Associated Press  

WASHINGTON — The first night of the Republican National Convention kept its official focus on the economy Monday even after Saturday’s shooting at a rally in Pennsylvania in which former President Donald Trump was injured. The platform would address illegal immigration in part with the “largest deportation program in American history.” And Trump would also scrap President Joe Biden’s policies …

Mike Pence’s foundation launches a $10 million election-year campaign to preserve Trump-era tax cuts
6 months ago

Mike Pence’s foundation launches a $10 million election-year campaign to preserve Trump-era tax cuts

Associated Press  

WASHINGTON — Former Vice President Mike Pence’s foundation is launching a $10 million campaign to preserve the Trump-era tax cuts that are set to expire after next year as he presses conservatives not to stray from the fight before the November election. Democratic President Joe Biden has proposed keeping the tax cuts for people making under $400,000 a year while …

Trump's "all-tariff" proposal would increase middle-class taxes by up to $8,500 a year: analysis
6 months ago

Trump's "all-tariff" proposal would increase middle-class taxes by up to $8,500 a year: analysis

Salon  

Donald Trump last week floated the idea of an "all-tariff policy" that he told Republican senators would enable the U.S. to get rid of its income tax." Trump's separately proposed 10% tax on all imports, and 60% tax on all imports from China, specifically, would also raise costs for average Americans, according to the analysis, amounting to a $2,500 annual …

Trump’s newest policy proposal would be 'huge tax increase' for the middle class: analysis
6 months, 1 week ago

Trump’s newest policy proposal would be 'huge tax increase' for the middle class: analysis

Raw Story  

Presumptive 2024 GOP presidential nominee Donald Trump has promised to impose new tariffs if he defeats President Joe Biden in November and returns to the White House next year. CNBC's Emily Wilkins, tweeted, "Trump brought up the idea of an 'all tariff policy' that would lead to getting rid of the income tax, per sources in the room…. Also discussed …

Use Expiring Trump Tax Cuts To Overhaul The Entire Tax System, Groups Say
7 months ago

Use Expiring Trump Tax Cuts To Overhaul The Entire Tax System, Groups Say

Huff Post  

LOADING ERROR LOADING The $4.6 trillion in tax cuts that expire next year offer a chance to completely revamp the U.S. tax system that should not be missed, more than 100 progressive and economic groups said Tuesday. “Congress should pursue reforms — including corporate tax reforms — that stem the decades-long tide of tax cuts for the rich and corporations …

​Joe Biden to propose massive tax raid on super rich and corporate America in tonight's State of the Union address with sweeping hikes including minimum corporate tax up from 15% to 21% and a 25% rate
9 months, 2 weeks ago

​Joe Biden to propose massive tax raid on super rich and corporate America in tonight's State of the Union address with sweeping hikes including minimum corporate tax up from 15% to 21% and a 25% rate

Daily Mail  

President Joe Biden plans to launch a raid on the super rich, hiking taxes for corporations and billionaires like Elon Musk and Jeff Bezos. He wants to raise the minimum corporate tax for big companies worth over $1 billion to 21 percent, up from the 15 percent he imposed earlier in his presidency. White House officials said Biden would preview …

Most taxpayers to get $804, but high-end tax cut halved as government rewrites stage 3
11 months ago

Most taxpayers to get $804, but high-end tax cut halved as government rewrites stage 3

ABC  

The government will halve the stage 3 tax cuts for the highest earners and use the money to deliver an $804 tax cut across the board. Key points: The Albanese government is making changes to stage 3 tax cuts, halving them for the highest earners The prime minister will tell the press club the reversal was motivated by changing economic …

'Tax scam': Republicans follow debt ceiling fight by proposing tax cuts for wealthy
1 year, 6 months ago

'Tax scam': Republicans follow debt ceiling fight by proposing tax cuts for wealthy

Raw Story  

After threatening to force the government into default over the debt ceiling, Republican lawmakers Friday introduced new tax cuts that could add at least $21 billion to the national deficit over the next decade. Three new GOP-backed bills would cut taxes for large companies, small businesses, and individual families while reducing clean energy tax incentives to pay for it. "This …

Biden rolls out budget plan, challenges GOP to follow suit
1 year, 9 months ago

Biden rolls out budget plan, challenges GOP to follow suit

Associated Press  

PHILADELPHIA — As political gridlock puts the government at risk of defaulting, President Joe Biden on Thursday made an opening bid with a budget plan that would cut deficits by $2.9 trillion over the next decade — a proposal that Republicans already intend to reject. “What are they going to cut?” Biden’s package of tax and spending priorities is unlikely …

Biden to propose 25 percent minimum tax on US billionaires
1 year, 9 months ago

Biden to propose 25 percent minimum tax on US billionaires

Al Jazeera  

US president’s reported budget plan would also nearly double capital gains tax on investments. United States President Joe Biden will call on Congress to impose a 25 percent minimum tax on billionaires as part of a series of proposed tax hikes on wealthy individuals and corporations, according to a US media report. Biden’s proposed spending plan would also nearly double …

Youngkin proposes another $1B in business, income tax cuts
2 years ago

Youngkin proposes another $1B in business, income tax cuts

Associated Press  

RICHMOND, Va. — Virginia is in a financial position to both cut taxes by another $1 billion and increase government spending, Gov. In addition to a corporate tax rate cut from 6% to 5% Youngkin also wants to create a statewide 10% business income tax deduction for small businesses and “pass-through entities.” Some Democrats raised concerns during Thursday’s meeting about …

Dems change some tax provisions as they ready economic bill
2 years, 4 months ago

Dems change some tax provisions as they ready economic bill

Associated Press  

WASHINGTON — Democrats pared part of their proposed minimum tax on huge corporations and made other changes in their giant economic bill, Senate Majority Leader Chuck Schumer said Friday, as they drove toward delivering a campaign-season victory to President Joe Biden on his domestic agenda. In an unusual peek at closed-door bargaining, Schumer, D-N.Y., said Democrats dropped a proposed tax …

Democrat Sinema’s views on economic bill remain shrouded
2 years, 4 months ago

Democrat Sinema’s views on economic bill remain shrouded

Associated Press  

WASHINGTON — Democratic Sen. Kyrsten Sinema’s views remained a mystery Monday as party leaders eyed votes later this week on their emerging economic legislation and both parties pointed to dueling studies they used to either laud or belittle the measure’s impact. They cited a report from Congress’ nonpartisan Joint Committee on Taxation that said about half of the corporate minimum …

Jump in people paying higher rates of tax
2 years, 5 months ago

Jump in people paying higher rates of tax

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Around 6.1 million taxpayers are projected to be paying …

Half its original size, Biden’s big plan in race to finish
3 years, 1 month ago

Half its original size, Biden’s big plan in race to finish

Associated Press  

WASHINGTON — Half its original size, President Joe Biden’s big domestic policy plan is being pulled apart and reconfigured as Democrats edge closer to satisfying their most reluctant colleagues and finishing what’s now about a $1.75 trillion package. He vows any new taxes will hit only the wealthy, those earning more than $400,000 a year, or $450,000 for couples, and …

White House, Dems hurriedly reworking $2 trillion Biden plan
3 years, 2 months ago

White House, Dems hurriedly reworking $2 trillion Biden plan

Associated Press  

WASHINGTON — The White House and Democrats are hurriedly reworking key aspects of President Joe Biden’s $2 trillion domestic policy plan, trimming the social services and climate change programs and rethinking new taxes on corporations and the wealthy to pay for a scaled-back package. Biden later said the discussions are “down to four or five issues.” On one issue — …

Sinema’s opposition to raising the corporate tax rate leaves White House scrambling to pay for Biden’s agenda
3 years, 2 months ago

Sinema’s opposition to raising the corporate tax rate leaves White House scrambling to pay for Biden’s agenda

CNN  

CNN — Top Biden administration officials are now weighing a range of different ideas to finance a sweeping economic and climate package as opposition from Democratic Sen. Kyrsten Sinema has thrown initial plans to raise the corporate tax rate into doubt, according to two people familiar with the matter. While top administration officials regularly check in with key committee chairs, …

The Democratic Push To Tax The Rich More Is 40 Years In The Making
3 years, 3 months ago

The Democratic Push To Tax The Rich More Is 40 Years In The Making

NPR  

The Democratic Push To Tax The Rich More Is 40 Years In The Making Enlarge this image toggle caption AP AP If Congress manages to pass President Biden's big budget package this fall with most of its spending and tax changes intact, it will represent the biggest shift in federal fiscal policy in 40 years. Enlarge this image toggle caption …

Democrats seek corporate, wealthy tax hikes for $3.5T plan
3 years, 3 months ago

Democrats seek corporate, wealthy tax hikes for $3.5T plan

Associated Press  

WASHINGTON — House Democrats unveiled a sweeping proposal for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan, as Congress speeds ahead to shape the far-reaching package that touches almost all aspects of domestic life. Rep. Richard Neal, D-Mass., the chairman of the tax-writing Ways & Means Committee, said Monday the proposals, …

House Democrats Shy Away From Biden Tax Plan
3 years, 3 months ago

House Democrats Shy Away From Biden Tax Plan

Huff Post  

LOADING ERROR LOADING Democrats are frantically searching for new tax ideas that can unify the party and pay for President Joe Biden’s Build Back Better agenda. House Democrats unveiled a tax plan Monday that diverges from an earlier Biden proposal in key ways, offering a lower corporate tax rate than the president proposed and omitting a levy aimed at inherited …

Democrats face divisions over pledge to scrap Trump’s tax cuts
3 years, 3 months ago

Democrats face divisions over pledge to scrap Trump’s tax cuts

CNN  

CNN — Democrats have been waiting for years to reimagine the tax code so that, in their words, the wealthy are paying their “fair share” and working and poor families aren’t disproportionately hit with the tax burden. “I still think we can find the revenues to do the $3.5 trillion,” Sen. Mark Warner of Virginia, a Democrat on the Senate …

Democrats Hope To Undo Many Trump Tax Cuts To Fund Biden's $3.5 Trillion Budget Plan
3 years, 3 months ago

Democrats Hope To Undo Many Trump Tax Cuts To Fund Biden's $3.5 Trillion Budget Plan

NPR  

Democrats Hope To Undo Many Trump Tax Cuts To Fund Biden's $3.5 Trillion Budget Plan Enlarge this image toggle caption Drew Angerer/Getty Images Drew Angerer/Getty Images Democrats hope to unwind many of the tax cuts Republicans enacted under former President Donald Trump as a way to pay for the majority of the $3.5 trillion spending bill currently under consideration in …

Democrats look to hike taxes on the rich and corporations to pay for $3.5 trillion budget bill
3 years, 3 months ago

Democrats look to hike taxes on the rich and corporations to pay for $3.5 trillion budget bill

CNN  

CNN — House Democrats want to increase taxes on wealthy Americans and corporations to pay for their sweeping $3.5 trillion budget package. The draft proposal, which could still change before it is expected to be officially released Monday, calls for increasing the top marginal rate on individuals to 39.6%, up from the 37% rate set by the Republicans’ 2017 tax …

White House, Democrats tangle over Biden bid to raise taxes
3 years, 3 months ago

White House, Democrats tangle over Biden bid to raise taxes

Associated Press  

WASHINGTON — President Joe Biden has a simple message for fellow Democrats about his plan to raise taxes to remake large swaths of the American economy: look beyond the bottom line. “Establishing an artificial $3.5 trillion spending number and then reverse-engineering the partisan social priorities that should be funded isn’t how you make good policy,” Manchin wrote in The Wall …

President Biden seeks $80 billion to boost IRS tax audits
3 years, 7 months ago

President Biden seeks $80 billion to boost IRS tax audits

CNN  

CNN — President Joe Biden will seek $80 billion to fund enhanced Internal Revenue Service enforcement of high-earners to help pay for his American Families Plan, which he is set to unveil later this week, two sources briefed on the proposal told CNN. Biden is poised to unveil a roughly $1.5 trillion legislative proposal to invest hundreds of billions of …

What we know about Biden’s capital gains tax rate plan
3 years, 7 months ago

What we know about Biden’s capital gains tax rate plan

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Under his American Family Plan, the president will reportedly propose raising the capital gains …

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes
3 years, 8 months ago

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes

Daily Mail  

President Joe Biden launched a full-throated defense of his corporate tax hike to fund his $2.3 trillion dollar infrastructure plan, saying he was tired of ordinary Americans being fleeced. Biden's tax proposal would hike the corporate tax rate to 28 per cent, increase the de facto global minimum tax and crack down on companies that pay little or no income …

Biden administration makes pitch for higher business taxes
3 years, 8 months ago

Biden administration makes pitch for higher business taxes

Live Mint  

The Biden administration is drilling down on the argument that higher corporate tax rates would ultimately help an ailing economy, saying the resulting infrastructure investments would boost growth. Treasury Secretary Janet Yellen said Wednesday it was “self-defeating” for then-President Donald Trump to assume that cutting the corporate tax rate to 21% from 35% in 2017 would make the economy more …

What Matters: Taxes will have to go up for someone
3 years, 8 months ago

What Matters: Taxes will have to go up for someone

CNN  

A version of this story appeared in CNN’s What Matters newsletter. Treasury Secretary Janet Yellen laid out the balance sheet, blaming the GOP tax plan for the red ink as she pitched the president’s plan to raise the corporate tax rate. CNN’s Tamie Luhby and Katie Lobosco write: Noting that corporate tax collections have fallen to their lowest level since …

President insists no one earning under $400,000 will see a tax increase
3 years, 8 months ago

President insists no one earning under $400,000 will see a tax increase

Daily Mail  

Mike asked me — and I said to Bobby, my good friend — he asked me back there — he said, 'Do you ever get nervous?' We’re going to provide tax incentives and point-of-sale reberts — rebates to help all American families afford clean vehicles of the future. The American Jobs Plan will put plumbers and pipefitters to work, replacing …

Biden's Infrastructure Plan Will Bring A Showdown Over Taxes
3 years, 8 months ago

Biden's Infrastructure Plan Will Bring A Showdown Over Taxes

Huff Post  

LOADING ERROR LOADING President Joe Biden is proposing a multitrillion-dollar infrastructure plan that would increase taxes on corporations to pay for roads, bridges and investments focused on mitigating climate change. But Biden’s corporate tax proposals unveiled Wednesday represent just a fraction of the various tax hikes Democrats have talked about adding to the infrastructure bill. The White House said it …

Biden tax plan: Here’s how taxes could be raised on the wealthy and corporations
3 years, 9 months ago

Biden tax plan: Here’s how taxes could be raised on the wealthy and corporations

CNN  

Editor’s Note: This story originally ran on March 18, 2021, and has been updated with new details on President Joe Biden’s proposal. Biden has doubled down on vows he made as a candidate, saying that those earning more than $400,000 “will see a small to significant tax increase.” However, he’s pledged that those under that threshold “won’t see one single …

New York’s highest earners face tax increases under state proposals
3 years, 9 months ago

New York’s highest earners face tax increases under state proposals

Live Mint  

Democrats who dominate the New York state Assembly and Senate are pushing to increase taxes on the state’s top earners beyond the level proposed earlier this year by Gov. Freeman Klopott, a spokesman for Mr. Cuomo’s budget office, said staffers for the governor and Legislature “have begun negotiations as they do every year along a constitutionally defined process." Andrew Rein, …

US economy can ‘definitely’ withstand tax hikes, BlackRock’s Rick Rieder says
3 years, 9 months ago

US economy can ‘definitely’ withstand tax hikes, BlackRock’s Rick Rieder says

CNN  

New York CNN Business — As business leaders warn about the risks of a corporate tax hike, the world’s largest asset manager is decidedly unfazed. You’re going to see some pretty boomy growth for the economy.” BlackRock's Rick Rieder “I think 21% is too low,” Rieder said in the interview. Earlier this week, White House press secretary Jen Psaki said …

Biden vows to raise taxes on anyone earning more than $400,000
3 years, 9 months ago

Biden vows to raise taxes on anyone earning more than $400,000

LA Times  

President Biden acknowledges he’s unlikely to get support from Republican lawmakers for any type of tax hike but said he would get Democratic votes. President Biden promised Wednesday morning that any individual earning more than $400,000 a year would see some type of tax increase under his forthcoming economic plan. “Anybody making more than $400,000 will see a small to …

Biden mulls first tax hike since 1993 to reboot economy
3 years, 9 months ago

Biden mulls first tax hike since 1993 to reboot economy

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Joe Biden is allegedly mulling the first federal tax hike …

Some Democratic lawmakers push for wealth tax on New York billionaires
3 years, 10 months ago

Some Democratic lawmakers push for wealth tax on New York billionaires

Live Mint  

New York state lawmakers are considering an unprecedented form of wealth tax as they search for revenues to plug a budget hole exacerbated by the coronavirus pandemic. A growing coalition of unions, progressive advocacy groups and Democratic officials has endorsed a slate of six revenue bills, including a so-called mark-to-market tax on billionaires, which would require them to pay capital-gains …

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