Lawmakers Set to Unveil $3.5 Trillion Budget Package

Democratic lawmakers are expected to release the draft proposal for their $3.5 trillion budget package as early as today. The proposal calls for increasing the top marginal rate on individuals to 39.6% which will jump from 37% rate that was set by the Republicans’ 2017 tax cut law. The rate would apply to all individuals with taxable income over $400,000 a year and married couples filing jointly that earn over $450,000 annually, the top capital gains rate would also increase from 20% to 25%. Lawmakers would also charge a 3% surtax on individuals with adjusted gross incomes in excess of $5 million. The 10 year spending plan would mark the latest step in the drive to expand education, health care and childcare support, tackle the climate crisis and make further investments in infrastructure.