The Senate Finance Committee released an unfinished version of President Joe Biden’s tax plan as Democrats race to meet a year-end deadline to pass a roughly $2 trillion tax and spending bill.
The panel’s portion of the legislation released Saturday contains key elements of the bill, including an extension of the child-tax credit, about $1.5 trillion of tax increases on wealthy Americans and corporations and a drug price-reduction plan. The measure didn’t include the Senate’s plan to expand the state and local tax, or SALT, deduction, despite weeks of negotiations.
Senate Majority Leader Chuck Schumer says he wants to pass the bill by Christmas, a challenging timetable because the bill contains a number of unresolved policy issues, as well as several procedural hurdles.
