House Democrats are set to release as early as Monday an individual and corporate tax-increase plan that collectively appears to be the biggest in decades to cover their party’s proposed $3.5 trillion spending package.
House Democrats are set to release as early as Monday an individual and corporate tax-increase plan that collectively appears to be the biggest in decades to cover their party’s proposed $3.5 trillion spending package.
The conference, led by Ways and Means Committee Chairman Rep. Richard Neal, wants to raise the corporate rate to 26.5% as part of nearly $3 trillion in tax increases to defray the cost of the spending package, which include such progressive initiatives as expanding government-backed health care and green energy programs.
Neil also wants to increase the top tax rate for individuals to 39.6%, according to Politico.
The proposal could also reportedly include a new, 3% surtax on Americans making over $5 million and raising the top capital gains rate from 23.8 to 28.8%.
Neal also wants to raise taxes on multinational corporations’ overseas profits, tighten estate tax rules and pare back deductions for some unincorporated businesses, Politico also reports.