Democrats Look for Tax Options If They Have to Ditch Rate Hikes
- IRS audits, more rules on offshore profits under discussion
- Sinema has yet to say what tax increases she could support
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After months of focusing on proposals to increase tax rates on income and capital gains, Democrats are exploring alternatives to fund President Joe Biden’s social spending expansion, according to people familiar with the discussions.
The White House, in a call with top Democrats Wednesday, floated a billionaires’ wealth tax and a tax on stock buybacks as alternatives to rate increases. A person familiar with the call said higher corporate taxes seemed less likely now than individual income-tax increases but talks remain fluid.