Tax reforms in the US
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Democrat leaders in the House of Representatives want to cut Joe Biden’s tax cuts and earnings, as part of a $ 2.9tn tax increase to pay the US President to expand the social security net.
A tax plan was issued on Sunday among members of the House Ways and Means Committee, which oversees tax law in a small Congress room, according to people familiar with the matter.
Under the plan, U.S. corporate taxes will rise from the current level of 21% to 26.5% – down from the 28% target for Biden earlier this year.
House Democrats are also looking to raise taxes paid by investors on major incomes to 25% from prices 20% – much lower compared to Biden’s 39.6% target, targeting common income taxes.
However, the House of Democrats is offering a 3% payout of more than $ 5m a year, which would encourage the wealthiest American families. Biden had never supported such a surtax.
Although this changed compared to what was expected, the White House was interested in the process.
“[It] They are making great strides in ensuring that our economy works and not just the economy by cutting taxes on middle-class families; reforming tax laws to avoid disrupting American operations; and to ensure that the wealthiest Americans and corporations pay their bills, ”said Andrew Bates, a White House spokesman.