The current bill does not have enough Senate support.
The White House is giving consideration to a new tax increase plan to get enough senators on board to pass President Biden’s stalled multi-trillion dollar social services and climate change package. The latest proposals call for scrapping a big tax increase on corporations and instead including a new “billionaires’ tax” on investments.
The corporate tax rate is presently 21%, and the proposal is to increase it to 25% for companies earning more than $5 million a year. The top individual income tax rate would go up from 37% to 39.6% for those earning more than $400,000 or $450,000 for married couples. Under the change being considered, the corporate tax rate would remain the same.
The Build Back Better bill, now estimated at $2 trillion, compared to $3.5 trillion, still faces resistance in the Senate.
On Wednesday, President Biden said, “This has been declared dead on arrival from the moment I introduced it, but I think we’re going to surprise them, because I think people are beginning to figure out what’s at stake.”
As the Lord Leads, Pray with Us…
- For administration officials as they propose changes to funding for the Build Back Better bill on the president’s agenda.
- For members of the Senate as they evaluate the high costs of the major spending bills.
Sources: Just The News, The Hill, AP
