Democrats are forging plans to raise tax rates on companies and wealthy individuals next year if they hold the White House and win control of Congress.
Senate Finance Committee Democrats met Thursday to discuss President Donald Trump’s 2017 Tax Cuts and Jobs Act, portions of which expire in 2025.
Pressure is already mounting from the party’s left flank to insist on sharp increases in the corporate tax rate and on the highest individual earners — and not to agree to any compromise with Republicans otherwise.
In the House, some top lawmakers are reevaluating past tax-and-spending bills that prioritized broad short-term investments that have since expired, demanding instead that Democrats focus on bringing in more revenue from major corporations and the rich that can permanently fund a limited number of high-impact social programs.
Trump, meanwhile, told business leaders this month that he hopes to cut corporate taxes to 20 percent, according to two people familiar with his remarks who spoke on the condition of anonymity to discuss a private meeting.
In the Senate, their odds are worse, but recent polls show vulnerable Democratic incumbents in Ohio, Montana, Pennsylvania, Nevada and a challenger in Arizona outperforming expectations.
“There simply is no reason we can look at our economy right now and justify tax cuts for millionaires,” Daniel Hornung, deputy director of the White House National Economic Council, said Monday at the left-leaning Washington Center for Equitable Growth.
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Senate Finance Committee Democrats met Thursday to discuss President Donald Trump’s 2017 Tax Cuts and Jobs Act, portions of which expire in 2025.
Pressure is already mounting from the party’s left flank to insist on sharp increases in the corporate tax rate and on the highest individual earners — and not to agree to any compromise with Republicans otherwise.
In the House, some top lawmakers are reevaluating past tax-and-spending bills that prioritized broad short-term investments that have since expired, demanding instead that Democrats focus on bringing in more revenue from major corporations and the rich that can permanently fund a limited number of high-impact social programs.
Trump, meanwhile, told business leaders this month that he hopes to cut corporate taxes to 20 percent, according to two people familiar with his remarks who spoke on the condition of anonymity to discuss a private meeting.
In the Senate, their odds are worse, but recent polls show vulnerable Democratic incumbents in Ohio, Montana, Pennsylvania, Nevada and a challenger in Arizona outperforming expectations.
“There simply is no reason we can look at our economy right now and justify tax cuts for millionaires,” Daniel Hornung, deputy director of the White House National Economic Council, said Monday at the left-leaning Washington Center for Equitable Growth.
The original article contains 1,227 words, the summary contains 209 words. Saved 83%. I’m a bot and I’m open source!