Taxes in the House social spending bill could bring in $1.48 trillion

Tax hikes on the wealthy and large corporations in the proposed social spending bill would rake in $1.48 trillion, the Joint Committee on Taxation estimated. Their analysis comes as Democrats are hitting the gas pedal on efforts to pass President Joe Biden's agenda, arguing the plan would be paid for.

The White House framework of the Build Back Better Act puts the cost of the entire bill at $1.85 trillion. But that version of the proposal does not include paid leave or raising the cap on the state and local tax deduction — known as SALT — which were included in the House version of the bill which could be voted on this week. But the provisions included in the agenda to pay for it remain closely aligned.

Changes to the corporate tax code and reforms to international taxation would raise about $814 billion over 10 years, according to the Joint Committee on Taxation. That includes nearly $319 billion raised by the proposed corporate alternative minimum tax and $124 billion from taxing company stock buybacks. At the same time, the committee estimates the proposals raising taxes on the wealthy would bring in more than $640 billion, including $227 billion from a surtax on multimillionaires, $250 billion for applying the net individual income tax to some business incomes and $160 billion by limiting the business losses for high earners.