Nancy Pelosi announced that one of the first things Democrats will do when they regain control is to repeal and replace recent Republican Tax reforms. And she promises it will be bipartisan and done in daylight, (unlike healthcare reform, I guess). So, what might that look like?
If previous proposals are any indication, Pelosi plans on instituting a major tax hike, particularly focused on punishing those same generous corporations. In a plan published last month, Congressional Democrats proposed a $1 trillion dollar tax hike, pushing the corporate tax rate from its current 21% to 25%, undoing tax breaks for high earners, and re-instituting a top tax bracket that could tax some Americans at a rate of nearly 40%.




