But the Ways and Means Committee proposals do “not go as far as the Biden administration proposals go,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy.
The committee’s proposal comes months after Biden unveiled his own proposal for tax hikes, which include a higher top income tax rate, a higher capital gains tax rate for millionaires and a bid to finally tax the “unrealized” assets that wealthy people have been holding onto and passing to the next generation without a tax bill.
For Wamhoff, “there are key improvements, but there are some key things that are left out” of the House proposal — including Biden’s idea to tax value-gaining assets when the rich owner dies. “The Ways and Means proposal just skips that,” Wamhoff said. Read more
