A group of House Democrats on Sunday distributed a draft plan that would raise $ 2.9 trillion in new taxes and targeted revenue from wealthy Americans, businesses and investors, in a new tax and spending package.
Because it is important? The new proposal includes many measures that Democrats are expected to adopt, such as increasing the maximum tax from 37% to 39.6% for Americans who earn more than $ 435,000. Some smaller businesses would see their payments maintained or even reduced under the plan.
- The draft calls for a new 26.5% tribute to profitable large companies, those that generate revenues in excess of $ 5 million, but less than President Biden’s original proposal of 28%.
- The proposal also calls for an increase in taxes on “tobacco and nicotine” by about $ 100 billion, and raising $ 16 billion (trillion, in English) by changing the rules to “treat cryptocurrencies the same as other financial instruments.”
- The plan calls for a new “high-income surcharge” for Americans who earn more than $ 5 million, a move that would raise more than $ 127 billion.
- The draft text of the proposal includes some surprises, such as a smaller-than-expected increase in the capital gains rate paid by investors from 20% to 25%.
And now that? The ideas taken together mark a major reversal of the tax cuts enacted by Republicans under former President Donald Trump four years ago, prompting praise from the White House on Sunday.
- The bill will also review the United States’ international tax system to enact a change designed to prevent companies from artificially shifting their profits to tax havens.
- In addition, the regulations would further limit the deductions in US taxes that can be claimed by companies based abroad.
Main source of the news: The Washington Post
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