Democrats Reach Agreement on Tax Hike for Wealthy

“Senate Democrats have reached an agreement to raise taxes on some high earners whom they say are abusing a loophole to slash their tax bills,” NBC News reports.

“The lawmakers, the sources said, plan to close the tax break for those earning more than $400,000 a year, requiring them to pay 3.8 percent in taxes on certain income from pass-through businesses, in what is effectively a slimmed-down package after the Build Back Better Act stalled last year.”