On Monday, Sept. 13, House Ways and Means Committee Chair Richard Neal (D-MA) introduced the final portion of the committee’s budget reconciliation recommendations. This alert provides a comprehensive summary and analysis of these provisions.
The latest section—Subtitle I, Responsibly Funding Our Priorities—contains tax increases on high-income individuals, corporate and international companies and funding to increase Internal Revenue Service enforcement, among other provisions. In addition to a section-by-section summary, the full text can be found here.
The tax code changes under this section would raise federal revenues to offset spending proposed by the rest of the budget reconciliation package. When it released the legislation, the Ways and Means Committee estimated that the bill contains $2.9 trillion in revenue raisers and $600 billion in economic growth. Together, Ways and Means Democrats claim the plan would fully offset the $3.5 trillion package, should Democrats elect to include that much spending.
Please see full Alert below for more information.