And he wants new limits on oversized individual retirement accounts, additional restrictions on the deductions companies take for high-paying employees, and new “wash sale” rules for people who own cryptocurrencies.
Taken together, the proposals would represent the biggest tax hike in decades, and enough to cover most of what even progressive Democrats hope to spend on their next “reconciliation” package – though lawmakers remain at odds on the size of the plane.
While Neal’s committee is key to funding this legislation, his plans have been a closely guarded secret. While other Democratic leaders have enthusiastically passed tax hikes on the rich and big business, the Massachusetts Democrat has said little, preferring to speak with colleagues behind closed doors. Democrats have a tenuous hold on the chamber and can only afford to lose three votes.
The committee plans to resume tax increases this week, as Democrats rush to prepare their reconciliation plan – which can be passed without a Republican vote – before the September 15 deadline. Party leaders hope to get him out of the House by the end of this month.