As progressive lawmakers push President Biden to jack taxes on the rich, some of his top Democratic allies have begun to push back.
To wit, the House Ways and Means Committee has scaled back ‘some of the most ambitious elements’ of the Biden administration’s economic blueprint ahead of a Tuesday vote, according to Bloomberg, adding that the changes “reflect the political reality of a Senate that requires moderate Democrats to vote en masse for the final package, given the razor thin margins of the party’s control of the chamber.”
Biden’s move to tax rich families on inherited assets at the time of transfer — ending the so-called step-up in basis measure — is absent from the House plan unveiled Monday. His top capital gains tax rate of 39.6% gets weakened to 25%. There is a 3% surtax