House Ways and Means Committee Chair Richard Neal (D-Mass.) told reporters on Aug. 12 as the House considered the $700 billion Inflation Reduction Act that Democrats would be open to further tweaking the tax code after November.
Specifically, Neal said that further tax code changes than those included in the Inflation Reduction Act would target high-income individuals and corporations.
“I do think that there’s a chance here to address some fundamental tax-reform issues,” Neal said.
The Inflation Reduction Act, a compromise reconciliation bill hammered out after months of negotiations between Sen. Joe Manchin (D-W. Va.) and Senate Majority Leader Chuck Schumer (D-N.Y.), made substantial changes to the tax code—but not nearly as substantial as some Democrats would have hoped for….