US President Joe Biden boards Marine One before departing Brandywine Creek State Park en route to Joint Base Andrews, in Wilmington, Delaware on September 13 2021. Picture: REUTERS/ELIZABETH FRANTZ
The corporate tax hike drew immediate fire from conservatives, a preview of the fight ahead as the House Ways and Means Committee prepares to meet on Tuesday to debate the tax portion of the economic package. The proposal would also raise an estimated $16bn by limiting deductions for executive compensation and $96bn by higher taxes on tobacco and nicotine products, including e-cigarettes.
Notably absent from the document is any discussion of lifting the $10,000 cap on the state and local tax deduction, raising questions about the fate of that costly proposal.The document also doesn’t include Biden’s proposal to impose capital gains taxes on appreciated assets held by wealthy individuals until death, ending a benefit known as “step-up in basis.
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