House Democrats expected to propose hike to corporate tax rate, surtax on wealthy

WASHINGTON (Reuters) – Home Democrats are anticipated to suggest elevating the U.S. company tax price to 26.5% from 21%, the Wall Avenue Journal reported Sunday, citing a congressional aide.

Democrats are additionally anticipated to suggest a 3% surtax on particular person earnings above $5 million as a part of a wide-ranging price range invoice. They’re additionally contemplating elevating the minimal tax on U.S. firms’ international earnings to 16.5% from 10.5% and the highest capital positive aspects tax price to 28.8% from 23.8%, the Journal reported.


(Reporting by Pete Schroeder; enhancing by Diane Craft)

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