September 18, 2021

Rocky Daily News

Colorado Politics-Sports-Business-Weather

Democrats try delicate tax maneuvers for $3.5 trillion bill – The Denver Post

1 min read

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WASHINGTON — House Democrats on Tuesday began the serious work of trying to implement President Joe Biden’s expansive spending plan, but getting there will require remarkable legislative nimbleness, since Biden has said the revenue to pay for it must come only from Americans who earn more than $400,000 a year.

Republicans, who have vowed lockstep opposition to the plan, turned their anger against proposed tax breaks they portrayed as subsidies for wealthy elites rather than help for the poor and middle class. Electric vehicles became a rallying symbol as class-warfare overtones echoed through a committee session.

The Democrats are proposing that the top tax rate rise back to 39.6% on individuals earning more than $400,000 — or $450,000 for couples — in addition to a 3% surtax…

Marcy Gordon

2021-09-14 20:57:39

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