Democrats will likely drop hundreds of billions of dollars in proposed tax increases on the rich as they scramble to shrink the size of their “reconciliation” package
10/08/2021 04:30 AM EDT.
Some progressives acknowledge that some of the most aggressive tax proposals could now fall by the wayside, as the demand for revenue eases, but warn Democrats against backing off plans to target the uber-rich. But a smaller price tag will also mean big changes on the tax side as well because Democrats are unlikely to raise taxes by more than they need to defray the cost of their plans.
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