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House Democrats Propose Increasing Corporate Tax Rate

Credit: Unsplash

House Democrats are crafting a significant spending package aimed at expanding social safety nets. To fund this initiative, the plan includes an increase in taxes for the wealthiest corporations and individuals in the United States.

There are currently two proposed plans under consideration. The House Democrats suggest raising the corporate tax rate to 26.5%, while the tax rate for the wealthiest individuals could go up to 39.6%. The Ways and Means Committee, led by Chair Richard Neal, has put forth a similar proposal, which includes a 3% surtax on those earning more than $5 million annually and an increase in the capital gains rate to 28.8%.

If approved as-is, this plan would mark one of the most significant tax increases in recent American history. However, the focus is specifically on individuals making over $400,000 per year, with primarily the top 1% feeling the full impact.

White House spokesperson Andrew Bates stated, “This meets two core goals the President laid out at the beginning of this process — it does not raise taxes on Americans earning under $400,000 and it repeals the core elements of the Trump tax giveaways for the wealthy and corporations that have done nothing to strengthen our country’s economic health.”

He added, “The President looks forward to continuing to work with Chairman Neal, as well as the Senate Finance Committee and Chairman Wyden, as we advance the Build Back Better agenda.”

The Democrats aim to finalize their reconciliation package by an internal deadline of September 15.

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