Tax Hikes in House Social Spending Bill Total $1.48 Trillion

Taxes on wealthy, corporations fall short of Democrats’ target
Revenue estimates compiled by Congress’s tax scorekeeper

Joe Biden, center, arrives to the U.S. Capitol with U.S. House Speaker Nancy Pelosi, right, before a House Democratic caucus meeting in Washington, D.C., on Oct. 28.Photographer: Tom Brenner/Bloomberg

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By Laura Davison

November 4, 2021 at 2:44 PM UTC

Updated on

November 4, 2021 at 4:23 PM UTC

This article is for subscribers only.

The House’s version of President Joe Biden’s signature social-spending bill raises nearly $1.48 trillion in new tax revenue, according to the Joint Committee on Taxation.

The plan also includes $24.8 billion for a fee on businesses that pollute, pushing the total of new revenue to roughly $1.5 trillion. Still, the money from tax increases on the wealthy and corporations falls short of the $1.75 trillion that Democrats say they want to spend on new social programs.