Wealthy Americans are bracing for steeper taxes as soon as this year as Democrats push forward with a massive, multitrillion-dollar spending bill.
House committees are currently crafting a $3.5 trillion budget plan that will serve as the blueprint for President Biden's economic agenda that seeks to dramatically boost federal investment in education, child care and paid family leave.
Formal legislation could be released as soon as this week for the tax and spending plan, which has been billed by the White House as a "once-in-a-generation investment" in the nation's future. Democrats plan to pass the measure using the procedural tool known as reconciliation, which allows them to bypass a Senate filibuster by GOP lawmakers.
However, given their extremely slim margins in both the House and Senate, Democrats will need to ensure virtually every caucus member votes in lockstep to ensure the bill's passage.