A powerful panel of House Democrats on Sunday circulated a draft plan that would raise $2.9 trillion in new taxes and revenue predominantly targeted toward wealthy Americans, corporations and investors, as party lawmakers continued to spar in public over the size and scope of their new tax-and-spending package. The new proposal includes many measures Democrats are widely expected to embrace, such as increasing the top tax rate on Americans earning over $435,000 from 37 percent to 39.6 percent. It also calls for a new corporate tax rate of 26.5 percent for large profitable businesses, up from the current rate of 21 percent but lower than President Biden’s original proposal of 28 percent. Some smaller firms would see their taxes stay the same or even cut under the plan. Many items in the new draft scale back the more ambitious tax increases sought by Biden earlier this year. But the ideas taken together amount to a significant unwinding of the tax cuts enacted by Republicans under former president Donald Trump four years ago, drawing praise from the White House on Sunday. https://www.washingtonpost.com/us-policy/2021/09/12/manchin-sanders-reconciliation/