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Democrats plan to tax the rich and corporations begins to take shape [Video]

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USA Economy and Markets

Democrats are forging plans to raise tax rates on companies and wealthy individuals next year if they hold the White House and win control of both houses of Congress, as the party’s leaders increasingly see tax policy as a winning issue on the campaign trail.

Senate Finance Committee Democrats met Thursday to discuss President Donald Trump’s 2017 Tax Cuts and Jobs Act, portions of which expire in 2025. Pressure is already mounting from the party’s left flank to insist on sharp increases in the corporate tax rate and on the highest individual earners – and not to agree to any compromise with Republicans otherwise.

Sen. Elizabeth Warren, D-Mass., warned Democrats against taking “the coward’s way out” by agreeing to milquetoast legislation with conservatives in a speech to progressive groups Monday.

“One bad tax deal after another is killing our country,” she said in an interview. “The American people are sick …

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