“House Democrats expect to propose raising the corporate tax rate to 26.5% from 21% and imposing a 3-percentage-point surtax on individual income above $5 million,” the Wall Street Journal reports.
“The tax increases would be part of the House Ways and Means Committee’s plans to pay for the party’s priorities in a fast-moving budget bill. Those items include an expanded child tax credit, a national paid-leave program and renewable-energy tax breaks.”
“House Democrats also are considering raising the minimum tax on U.S. companies’ foreign income to 16.5% from 10.5% and increasing the top capital-gains tax rate to 28.8% from 23.8%. Lawmakers are also expected to raise money by expanding Internal Revenue Service enforcement and might include other tax increases on corporations and high-income individuals.”
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