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Democrats seek new tax on America's richest while scaling down other hikes

Denitsa Tsekova | Yahoo Finance | Sep 13th, 2021
Category: Financial News

Tucked into the House Democrats’ tax plan to raise $2.2 trillion in tax revenue is a new tax on the country’s wealthiest Americans — but other, earlier proposals that target the rich have been scaled down or eliminated altogether.

The proposal from the House Ways and Means Committee includes a 3% surtax on individuals with an adjusted gross income of more than $5 million, something not included in President Joe Biden’s initial plan.

“[That] is significant,” Howard Gleckman, senior fellow at the Tax Policy Center, told Yahoo Money. “I suspect it's going to be a surtax on taxable income... there's still lots of ways for high-income people to reduce their taxable income.”

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