House Democrats proposed a 26.5% top corporate tax rate and 39.6% top individual rate as they try to pay for a $3.5 trillion bill.
Biden has promised not to raise taxes on anyone who make less than $400,000 per year.
Under the House Democratic plan, the top corporate rate would apply to income above $5 million. The first $400,000 in income would be taxed at an 18% rate.The plan would invest nearly $79 billion in IRS tax enforcement to increase revenue raised. The committee outline does not include a proposal to raise the $10,000 cap on state and local tax deductions set under the GOP law. A handful of Democrats from high-tax blue states such as New Jersey and New York have said they will oppose a reconciliation bill that does not raise the deduction limit.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
House Democrats Consider 26.5% Corporate Tax RateHouse Democrats are considering calling for raising the corporate tax rate to 26.5% from 21% and imposing a surtax on people making over $5 million
Lire la suite »
U.S. House Democrats seek to roll back Trump tax cuts for wealthy, corporationsLeading Democrats in the U.S. House of Representatives on Monday proposed a substantial roll-back of former President Donald Trump's tax cuts, including raising the top tax rate on corporations to 26.5% from the current 21%.
Lire la suite »
House Democrats post record August fundraising ahead of 2022The campaign organization aiming to maintain Democratic control of the House in the 2022 midterm races raised $10 million last month.
Lire la suite »
Child tax credit, ACA subsidy extension in House Democrats' tax planHouse Democrats hope to extend existing child cash payments through 2025 and make expanded ACA subsidies permanent as part of a new tax plan lawmakers released on Monday.
Lire la suite »
House Democrats' plan drops repeal of a tax provision for inheritancesHouse Democrats revealed a package of tax hikes on corporations and the rich without President Joseph Biden's proposed levy on inherited property at death.
Lire la suite »