In this Capitol Report:
President Biden’s Tax Proposals Generate Discord Among Democrats in House & Senate
In recent months, President Biden has released a broad economic agenda for the nation with the goal of funding new infrastructure, paid family leave and education. His proposal includes $3.5 trillion of new federal spending over 10 years to be partially funded with higher taxes on individuals and businesses. A description of the White House’s economic agenda can be found here.
Since that time, Democratic members of the House Ways and Means Committee have introduced legislation that differs from the President’s original tax proposal. The committee’s legislation proposal raises the corporate tax rate from 21% to 26.5% which is below the 28% that the President included in his agenda. Additionally, the committee changed the rate on capital gains from 20% to 25%, instead of the 39.6% that the President was seeking. A detailed description of the House Ways and Means Committee’s legislative proposal can be found here.
In addition to the concerns raised by U.S. House Democrats, the U.S. Senate Democrats have also voiced strong concerns with Biden’s tax proposals sending a clear message that the President’s original plan will change dramatically through the course of the legislative process. Either way, potential changes are coming for individual and corporate taxpayers including Colorado Chamber members across the State. We will continue to keep CO Chamber members apprised of the federal tax changes along the way.
Manufacturing Day is Coming Up!
Every year, the National Association of Manufacturers and the Manufacturing Institute lead MFG Day, which is being held on October 1, 2021. MGF Day is focused on events to promote manufacturing to students, parents and educators.
Launched annually on the first Friday in October with events that continue throughout the month, MFG Day helps show the reality of modern manufacturing careers by encouraging thousands of companies and educational institutions around the nation to open their doors to students, parents, teachers and community leaders. MFG Day empowers manufacturers to come together to address their collective challenges so they can help their communities and future generations thrive.
You can find the MFG Day events happening in Colorado here, including one by our very own Chamber member Golden Aluminum!