U.S. House panel advances Democrats’ plan to raise taxes on the wealthy, corporations By Reuters

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© Reuters. FILE PHOTO: The U.S. Capitol Building is pictured in Washington, U.S., August 20, 2021. REUTERS/Elizabeth Frantz

WASHINGTON (Reuters) – The U.S. House Ways and Means Committee voted on Wednesday to advance legislation to raise taxes on wealthy Americans and corporations to help fund President Joe Biden’s $3.5 trillion in spending on childcare, education, housing and green energy.

The Democratic-dominated panel voted 24-19 to approve the revenue-related portions of the “reconciliation” bill, reporting them out of committee for House negotiations, a floor vote and further negotiations with the U.S. Senate and White House.

Representative Stephanie Murphy was the lone Democrat to vote against the bill, as did all Republicans on the panel.

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