Biggest tax hike on rich in decades bogged down in Congress

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Wealthy Americans wondering how much more taxes they’ll owe after Democrats pass their sweeping social-spending package may have to wait until deep into the fall, or later, to find out.

The tax-writing panels in the House and Senate had until Sept. 15 to finish writing the details of what would amount to the biggest tax-hike package since 1993. Those details are part of a legislative push that incorporates Democrats’ plans for ramping up spending on initiatives including health, child care and clean energy.

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They’re almost certain to miss that deadline.

First off, lawmakers don’t yet know how big the final tab will be, a key determinant for how much money will need to be raised. The outline known as a budget resolution that passed last week called for $3.5 trillion over 10 years. But moderate Democrats Kyrsten Sinema and Joe Manchin have said they want a smaller figure in the final so-called reconciliation bill.

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Next, legislators have different ideas about which tax measures to enact. President Joe Biden laid out a core set of proposals, including a boost to the capital gains and top income-tax rates, corporate-tax hikes and a change in how a levy on inheritance works. He also laid down a red line against boosting levies on those earning under $400,000.

www.arcamax.com/politics/politicalnews/s-2557209?fs

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