Here's some key differences between the House Democrats' tax plan and President Biden's plan.
Democrats want wealthy Americans and corporations to pay higher taxes in order to help finance a $3.5 trillion budget that includes paid family leave, child care and other social spending programs.
That’s according to proposals released by the House Ways and Means Committee on Monday. The influential group of lawmakers propose a hike in capital-gains taxes and other tax code tweaks that would seek to collect more from wealth taxpayers — but that are less dramatic than tax hikes proposed by President Joe Biden, experts say.
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U.S. House Democrats seek to roll back Trump tax cuts for wealthy, corporationsLeading Democrats in the U.S. House of Representatives on Monday proposed a substantial roll-back of former President Donald Trump's tax cuts, including raising the top tax rate on corporations to 26.5% from the current 21%.
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U.S. House Democrats seek to roll back Trump tax cuts for wealthy, corporationsLeading Democrats in the U.S. House of Representatives on Monday proposed a substantial roll-back of former President Donald Trump's tax cuts, including raising the top tax rate on corporations to 26.5% from the current 21%.
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House Democrats' plan drops repeal of a tax provision for inheritancesHouse Democrats revealed a package of tax hikes on corporations and the rich without President Joseph Biden's proposed levy on inherited property at death.
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House Democrats propose raising capital gains tax to 28.8%The proposal differs from a prior Biden administration plan to raise the top combined rate to 43.4% for those with income over $1 million.
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Child tax credit, ACA subsidy extension in House Democrats' tax planHouse Democrats hope to extend existing child cash payments through 2025 and make expanded ACA subsidies permanent as part of a new tax plan lawmakers released on Monday.
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House Democrats Consider 26.5% Corporate Tax RateHouse Democrats are considering calling for raising the corporate tax rate to 26.5% from 21% and imposing a surtax on people making over $5 million
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