Bernie Sanders

The proposal aims to collect more revenue from the largest U.S companies that are earning more than they did before the pandemic and war in Ukraine.

Sen. Bernie Sanders is working on a proposal to set an income threshold for an unlimited state and local tax deduction.

Democrats are also uniting behind a plan to muscle through a broader budget resolution to carry the party’s priorities.

President Joe Biden urged Senate Democrats to act boldly on his sweeping social and economic agenda Wednesday, as they began hashing out details of an $3.5 trillion tax and spending agreement that marks a crucial step forward for his plan.

Senate Democrats on the Budget Committee agreed to set a $3.5 trillion top-line spending level for a bill to carry most of President Joe Biden’s economic agenda into law without Republican support, bridging divisions — for now — among some party factions.

Lawmakers remain divided on the size and scope of the fast-track budget reconciliation bill intended to include a raft of social spending and tax increases.

Senate Budget Committee Chairman Bernie Sanders is proposing to partially revive the federal deduction for state and local taxes in an draft outline of a budget resolution designed to fast-track much of President Joe Biden’s economic agenda.

The Senate Budget Committee chairman wants to raise the corporate tax rate to 35 percent.

Companies that pay their chief executives at least 50 times more than the typical employee would face higher taxes under a new bill offered Wednesday by Senators Bernie Sanders and Elizabeth Warren.

Two Senate committee chiefs are looking at ways to raise taxes on companies paying workers less than $15 an hour, as part of a new strategy to include President Joe Biden’s push to boost the minimum wage to that level in his COVID-19 aid bill.