House Democratic proposals amount to $2 trillion tax hike

The tax hikes House Democrats plan to offset the costs of President Joe Biden’s massive infrastructure and social welfare legislation would net more than $2 trillion in revenue over the next decade, according to an estimate released Monday.

The combination of tax code shake-ups by the House Ways and Means Committee, which includes increases to the capital gains rate, top marginal income tax rate, and corporate tax rate, among others, will raise nearly $2.1 trillion, the nonpartisan Joint Committee on Taxation concluded.