House Ways and Means Committee Chairman Richard Neal (D-MA) reportedly pledged Friday to raise taxes if Democrats retain control of the House after the midterm elections.
Tax increases would include personal and corporate tax hikes potentially during a recession and high inflation for 40 years, Bloomberg reported. The tax hikes would be along the lines of the Ways and Means Committee proposal last year.
Democrats tried to raise taxes through President Joe Biden’s failed 2021 Build Back Better proposal. According to McDermott Will & Emery, this plan includes increasing the net tax on investment income by 3.8%, a surtax of 5 to 8% on certain taxpayers and a minimum tax of 15% on large corporations.
National Republican Congressional Committee Spokesman Torunn Sinclair criticized Democrats for planning to raise taxes. “After causing record inflation, Democrats are now promising to raise taxes even more. Democrats never miss an opportunity to kick the teeth of the middle class,” she said in an emailed statement.
On Sunday, Senate Democrats passed a tax hike on most corporations that earn $1 billion or more each year. “The corporate tax provision emerged as a point of contention as senators approached the final vote on Sunday, CBS News reported, adding:
Seven Democratic senators — Sinema, Jon Ossoff, Raphael Warnock, Catherine Cortez Masto, Maggie Hassan, Mark Kelly and Jacky Rosen — have joined Republicans in supporting an amendment proposed by GOP Sen. John Thune of South Dakota that exempts certain supported companies by the investment capital of the minimum corporate tax rate of 15%.
The House is due to vote on the Senate proposal on Friday. If the House passes the bill through a reconciliation process, Biden will likely sign it.
Follow Wendell Husebo on Twitter@WendellHusebo. He is the author of Politics of slave morality.