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“Tax the Rich”: Progressives Say House Democrats’ Tax Plan Falls Short

HeadlineSep 14, 2021

Democrats on the House Ways and Means Committee unveiled legislation Monday that would raise income taxes on the rich and some corporations to pay for most of President Biden’s proposed $3.5 trillion spending bill. The tax measure would raise the corporate tax rate from 21% percent to 26.5%. It would include a 3% surtax on U.S. residents making over $5 million a year. And it would restore the top rate of nearly 40% for high-income individuals and couples. The top capital gains rate would rise to just 25% — far short of the nearly 40% capital gains tax rate proposed by President Biden and supported by progressives. Speaking to ”PBS NewsHour,” Senate Budget Committee Chair Bernie Sanders said he hoped the Senate would craft a more progressive tax plan.

Sen. Bernie Sanders: “At a time of massive and growing income and wealth inequality, when two people own more wealth than the bottom 40%, when the top 1% has more wealth than the bottom 92%, now is the time to ask the wealthy and large corporations to pay their fair share, so that we can begin to address the long-neglected needs of working families, in terms of our children, in terms of healthcare, in terms of the elderly and, by the way, in terms of addressing the existential threat of climate change.”

On Sunday, West Virginia Democratic Senator Joe Manchin insisted again that he would not support President Biden’s $3.5 trillion spending package, calling the price tag too high. Manchin’s support is crucial in the Senate, where Democrats have a razor-thin majority.

Meanwhile, New York progressive Congressmember Alexandria Ocasio-Cortez campaigned for progressive taxation on the red carpet at Monday’s Metropolitan Museum of Art Gala in New York. AOC’s white gown featured the words “Tax the Rich” in prominent red letters along its back. 

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