US Congress Seek to Revamp Biden’s Tax Proposals in the Social Spending Bill

Source: Bloomberg 

Joe Biden’s tax plan is getting an overhaul as the Democrats push for a suitable proposal that can receive wider Congress support. SPY is up +0.17% on pre-market, DXY is up +0.11%. 

• The Democrats will reportedly retain most of the Trump’s administration’s 2017 tax cuts, but corporations will get a new minimum levy, following deliberations by House and Senate tax committees.
• The Senate plans for the billionaire levy were rejected in the House by the close of business on Wednesday.
• Other proposals, which did not go well with the lawmakers, include increased corporate income tax rate, marginal income tax rate, and capital gains tax.
• The minimum tax on corporate profits and the surtax on millionaires are still waiting for a decision.
• The Democrats may drop the proposal on the inheritance tax that sought to get rid of a benefit that permits some assets to be passed to heirs with no tax obligation.