Democrats’ planned tax increases on businesses and high-income people are in jeopardy due to Sen. Sinema’s opposition, people familiar with the matter said
WASHINGTON—Sen. Kyrsten Sinema’s opposition to tax increases is causing Senate Democrats to look at financing their sprawling social policy and climate package without raising tax rates on businesses, high-income individuals or capital gains, according to people familiar with the matter.
Ms. Sinema’s office declined to comment. Senate Democrats need all 50 members of their caucus to back the same plan, and Ms. Sinema has held a series of meetings with White House officials in recent weeks over her concerns with the administration’s approach. Rep. Pramila Jayapal and other progressive lawmakers met with President Biden at the White House Tuesday.Democrats had been hoping to pay for the entirety of their social policy and climate bill, now expected to cost around $2 trillion over a decade, with revenue from tax increases and government savings. In the House, Democrats have proposed, moving the top individual rate to 39.6% from 37% and increasing the top capital-gains rate to 28.8% from 23.8%.
Losing the rate increases would punch a significant hole in the Democrats’ funding plans for even a shrunken version of their bill. In the House bill, the corporate tax rate increase was projected to raise $540 billion over a decade while the tax rate increases on ordinary income and capital gains would raise nearly $300 billion.
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