Tax Hikes to Pay for Biden Agenda Approved by House Panel (1)

The biggest set of U.S. tax increases in a generation took a major step forward on Wednesday with approval by the House Ways and Means Committee of $2.1 trillion in new levies mostly focused on corporations and the wealthy.

The vote largely along party lines -- there were no Republican votes in favor -- brings President Joe Biden’s $4 trillion longer-term economic agenda one step closer to enactment. The tax package will help pay for the biggest expansion in social spending in decades, in a budget bill currently penciled in at $3.5 trillion.

While the committee agreed to key ...