Revamped Biden Tax Plan Includes New Surtax on Millionaires (1)

The White House on Thursday issued a revamped outline of $2 trillion worth of ideas to pay for President Joe Biden’s social-spending agenda, including new levies targeting large corporations and millionaires.

As telegraphed in Democratic lawmakers’ negotiations in recent days, the outline notably excludes increases in the corporate income-tax rate and the top marginal income-tax rate -- leaving the bulk of former President Donald Trump’s 2017 reductions intact. Also missing is Biden’s plan to end a benefit that allows assets to be passed to heirs without taxing their capital gains.

Changes could still be made as congressional Democrats ...