Democrats propose partial rollback of Trump tax cuts.
Written by crest887fm on September 14, 2021
Leading Democrats have released plans for a partial rollback of former US President Donald Trump’s tax cuts.
Members of the powerful Ways and Means Committee, which sets tax policy, propose raising the top rate of corporation tax to 26.5% from 21%.
Wealthy individuals would see a jump in their income taxes, as well as higher capital gains and inheritance taxes.
The plans, to be debated this week, would help fund the Democrats’ $3.5 trillion domestic investment plan.
Currently not one Republican in Congress supports that bill, which would pay for a big expansion of social services for the elderly and children and tackle climate change.
Under Mr Trump, the Republicans slashed the top rate of corporate tax from 35% in 2017, arguing it would boost economic growth and create jobs.
But the Democrats say the cuts favoured the wealthy and only provided a short-term lift to the US economy.