WASHINGTON, Sept 16 — Legislation to raise taxes on the wealthy and corporations advanced out of a US House of Representatives committee on Wednesday to help fund President Joe Biden’s US$3.5 trillion social spending plan, but a provision to slash drug prices stalled elsewhere on Capitol Hill.
The plan boosts the capital gains tax rate to 25 per cent from 20 per cent for Americans with taxable income above US$400,000 and adds a 3 per cent surtax on income above US$5 million. “But there are also spending and tax provisions that give me pause, and so I cannot vote for the bill at this early stage,” she said in a statement, adding the final version can be “fiscally responsible.”
A spokesman for House Speaker Nancy Pelosi said the provision “will remain a cornerstone of the Build Back Better Act as work continues” on a final version. White House press secretary Jen Psaki told reporters the purpose of the meetings was to discuss a “path forward” on Biden’s legislation.
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