The vote, which passed 220-213, comes after House Minority Leader Kevin McCarty (D-CA) spoke overnight for more than eight hours in an attempt to convince colleagues not to support the $1.75 trillion social spending bill. Speaker of the House Nancy Pelosi (D-CA) looks on as House Democrats react to the passage of the Build Back Better Act at the U.S. 'What concerns me,вЂќ Gray says, is that these taxes are all devoted to new spending, so вЂњthe cupboard, for want of a better term, will be a little bare the next time members of Congress decide to maybe get around to that grand bargain that we've been hearing about for so long.' That combined with President Biden's pledge to not raise taxes on Americans earning under $400,000 is impeding the government's power to raise enough revenue and get its fiscal house in order. It's notoriously difficult to get tax increases on the wealthiest Americans though Congress. While this might be good news to wealthy individuals and businesses, itвЂ™s not great news for budget forecasters like Gray. But now even with control of the White House and Congress, вЂњthey have the opportunity to do just that, and it's proven very difficult.вЂќ Worries вЂfor the green eyeshade crowdвЂ™ вЂњFor years, we've heard from progressives of the desire to raise taxes on billionaires and millionaires,вЂќ said Gordon Gray, director of fiscal policy at the American Action Forum. ThereвЂ™s a вЂњlesson here,вЂќ a budget and tax expert pointed out on Yahoo Finance Live recently. In fact, after years of Democratic promises to make the rich pay their 'fair share,' the proposal in the bill to increase the SALT cap from $10,000 to $80,000 could give many of the wealthiest Americans a net tax cut.

What ended up in the just-passed bill (which the Senate is likely to amend heavily) are narrower tax hikes вЂ“ an increase on net investment income and a new surcharge on modified adjusted gross income.

Likewise on individual taxes: Lawmakers floated several ideas, including raising the top individual tax rate to 39.6% as well as a billionaires tax.

In the end, the bill contains a less aggressive 15% corporate minimum tax. On the campaign trail Joe Biden vowed to raise the corporate income tax rate to 28% from 21%. Though the bill would implement several tax increases, it's a far cry from Democrats' initial ambitions for raising revenue through taxes. The House of Representatives passed the Build Back Better Act on Nov.

Balance of power far cry 4