House Democrats release bill raising corporate tax to 26.5 percent
| The House Ways and Means Committee on Monday released legislation aimed at paying for Democrats’ $3.5 trillion in social spending priorities, including by raising the corporate tax rate to 26.5 percent.
The legislation includes a host of tax increases focused on high-income individuals and corporations. It would increase the top capital gains rate from 20 percent to 25 percent, raise the top individual tax rate from 37 percent to 39.6 percent and impose a 3-percent surtax on individuals’ income above $5 million. |
