Biden Tax Plan Gets Tossed Into Shredder in Hunt for New Revenue
- Lawmakers forced to innovate amid reluctance on rate increases
- House-Senate tensions flare as Democrats seek revenue for bill
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President Joe Biden’s tax agenda, crafted by experts who worked on the proposals for years and wrote books about their ideas, is getting a wholesale revamp as Democrats battle to find a program their caucus can unite behind.
Amid diplomatic -- at least in public -- bickering among the chairs of the House and Senate’s top tax-writing committees and other stakeholders, the main takeaways as of Thursday morning are: the bulk of former President Donald Trump’s 2017 tax cuts will be left in place, while corporations will face a new minimum levy and multi-millionaires get a new income surtax.