Taxes, The Rich

Democrats Agree to Tax The Rich

September 23, 2022

September 23, 2022

Democrats Agree to Tax The Rich

Democrats expect to raise almost $200 billion in ten years by closing the tax loophole. The money raised would fund Medicare through 2031 and prevent the collapse of the federal health care program, which is set to fail by 2028 unless Congress intervenes.

What Are Senate Democrats Doing?

Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., have been secretly discussing a prescription drug bill and reached an agreement. Additionally, they’ve been talking about spending money on energy and climate; however, they have yet to reach an agreement.

Manchin’s office proposed a vote of confidence for the tax agreement to delay the death of Medicare.

For more information, continue reading about how Senate Democrats agree to raise taxes on some high earners.

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Democrats Agree to Tax The Rich