The Hill: House Democrats take step back from Biden on tax hikes

Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, said the committee’s proposal would be a “huge improvement” over the current tax code. But he also said that a lot of the income of very wealthy people would not be taxed at all, because the committee didn’t adopt Biden’s proposal to tax capital gains at death or take similar action.

“The Ways and Means proposal does not go as far as the president in many regards, and it would leave some huge problems in the tax code,” he said. Read more