Taxing The Rich Is Popular, But It Makes Democratic Lawmakers Uncomfortable
Seventy-one percent of voters, including a slim majority of Republicans, favor higher taxes on people who earn more than $1 million a year from capital gains, according to a Navigator Research survey released this week.
Taxing the rich, in general, has long appealed to most voters. But Democrats are struggling to coalesce around several such tax hikes that President Joe Biden has proposed to pay for his “Build Back Better” agenda.
Without new revenue, Democrats can’t fulfill their promise of offsetting the $3.5 trillion bill’s spending on monthly parent benefits, child care and education ― a once-in-a-generation expansion of the federal safety net that many elected Democrats envision as their legacy.
The House Ways and Means Committee on Thursday started the process of formally approving portions of the legislation, including provisions for paid family leave and expanded access to child care.
But Democrats haven’t released the tax provisions, and several declined to say whether the tax titles would match Biden’s proposals when they’re released in the next few days.
“We’re still working on it,” Rep. John Larson (D-Conn.) said when asked about capital gains.