The latest plan released by House Democrats scales back many of President Biden’s proposals to hike taxes on corporations and rich investors, as moderates and progressives tussle over how far to go to address inequality. But they included an element the White House left out.
The package by the Ways and Means Committee calls for a revamp of the U.S. estate-and-gift tax, a levy on the country’s largest fortunes which has been greatly weakened over decades. If House Democrats have their way, rich Americans will soon be scrambling for new and probably more expensive ways to pass wealth onto heirs.
