House Democrats set to propose higher corporate tax rate and surtax on the rich – source


Band Pete Schroeder

WASHINGTON, September 12 (Reuters)U.S. House Democrats are expected to propose raising the U.S. corporate tax rate to 26.5% from 21% as part of a comprehensive plan that includes tax increases for wealthy, businesses and investors, according to a source familiar with the matter.

Democrats are also expected to propose a 3% surtax on individual incomes above $ 5 million as part of a sweeping budget bill.

They also plan to increase the minimum tax on foreign income of US corporations to 16.5% from 10.5% and the highest tax rate on capital gains to 28.8% from 23. , 8%.

The Wall Street Journal first reported on the outline of the proposal, citing a congressional aide. A spokesperson for the House Ways and Means Committee, which is responsible for tax policy, did not immediately respond to a request for comment.

The tax change package has been estimated at $ 2.9 trillion in new revenue, largely covering the costs of President Joe Biden’s $ 3.5 trillion national investment plan.

The proposal would also raise the top personal tax rate to 39.6%, from 37%, as part of a series of changes targeting high-income people, which is expected to bring in around $ 1,000 billion.

(Reporting by Pete Schroeder; editing by Richard Pullin)

(([email protected]; 202-310-5485;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Source link

Previous FCMB CEO advises SMEs on corporate governance
Next House Democrats set 26.5% corporate tax rate to fund Biden's budget