Here’s Who’s Paying for Biden’s $3.5 Trillion Spending Plan…

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  • House Democrats outlined tax increases they aim to use to offset up to $3.5 trillion in spending on the social safety net and climate policy.
  • The proposal includes top corporate and individual tax rates of 26.5% and 39.6%, respectively.
  • The tax plans could change as Democrats try to craft and pass a final bill in coming weeks.

House Democrats on Monday outlined a bevy of tax hikes on corporations and wealthy people to fund an investment in the social safety net and climate policy that could reach $3.5 trillion.

The plan calls for top corporate and individual tax rates of 26.5% and 39.6%, respectively, according to a summary released by the tax-writing Ways and Means Committee. The proposal includes a 3% surcharge on individual income above $5 million and a capital gains tax of 25%.

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It’s unclear how much the tax increases would raise and if the new revenue would offset the full investment in social programs. Democrats could ultimately cut the legislation’s price tag as centrists balk at a $3.5 trillion total.

The tax proposals may change before Democrats craft the final bill they hope to pass in coming weeks. The Ways and Means Committee will debate tax policy when it resumes its markup of the mammoth spending package this week.

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