Richard Neal, D-Mass., chairman of the House Ways and Means Committee, has proposed rolling back much of the 2017 GOP tax cuts to help pay for President Biden's $3.5 trillion social spending plan.

Richard Neal, D-Mass., chairman of the House Ways and Means Committee, has proposed rolling back much of the 2017 GOP tax cuts to help pay for President Biden's $3.5 trillion social spending plan.

House Ways and Means Committee Chairman Richard Neal, D-Mass., released details Monday of a plan that includes increasing the top corporate tax rate to 26.5%, up from the current rate of 21%, and restoring the top rate to 39.6% for individuals earning more than $400,000 and married couples earning over $450,000.

Neal and other leaders hope to convince centrist Democrats in the House and Senate to accept trillions of dollars in new spending as long as it doesn't involve adding to the mounting federal debt and deficit.

Tax writers on the Ways and Means Committee are proposing a lengthy list of tax changes that are meant to fit together like a jigsaw puzzle to offset much of the spending.

Republicans have unanimously rejected the plan, going so far as to say they will not work with Democrats to pass a routine increase to the federal debt limit while Democrats pursue new spending.

Joe Manchin, D-W.Va., and Kyrsten Sinema, D-Ariz., have said they won't accept the $3.5 trillion spending figure — at least not right now.

Top Democrats have said for months that the COVID-19 pandemic created a perfect storm of support for the kind of massive redistribution of federal spending Biden has proposed