Democrats Want to Raise Taxes. Here’s What’s Likely to Change.
More than a dozen significant tax hikes have been proposed by Democratic lawmakers in recent weeks as they devise—and revise—ways to pay for President Joe Biden’s budget bill, which seeks to fund measures to aid child care, education, healthcare, and clean energy. After Democratic centrists Sen. Kyrsten Sinema of Arizona and Sen. Joe Manchin of West Virginia resisted tax hikes for corporations and wealthy individuals proposed by the House Ways and Means Committee, a raft of new tax proposals emerged. Then, on Thursday, as a self-imposed deadline neared, Biden proposed a compromise lineup of tax measures.