Political and Legislative
House Democrats Consider Raising the Corporate Tax Rate to 26.5 Percent
House Democrats are looking to raise the corporate tax rate to 26.5 percent as a way to help pay for their $3.5 trillion social spending plan, according to a Democratic source familiar with the plans.
A 26.5 percent rate would be higher than the current rate of 21 percent but lower than President Biden‘s proposed rate of 28 percent.
House Democrats are also eyeing an increase in the top capital gains rate from 20 percent to 25 percent, which is significantly less of an increase than Biden proposed. And they are considering raising the top individual income tax rate from 37 percent to 39.6 percent while also imposing a 3 percentage point surtax for people with income above $5 million, the source said.
