Democratic Rep. Richard Neal of Massachusetts suggested that the House would increase tax rates if his party remains in power following the upcoming midterm elections this fall, according to a congressional reporter.
Neal, the chairman of the House Ways and Means Committee, said Democrats, should they keep power in the House, will look to raise corporate and individual tax rates in 2023, according to a Bloomberg reporter.
The Inflation Reduction Act, a social spending and tax increase measure that is expected to pass in the House on Friday, includes a proposed expansion of the Internal Revenue Service (IRS).
