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You are here News Congress House Democrats eye corporate tax rate hike, surtax on wealthy in spending package

House Democrats eye corporate tax rate hike, surtax on wealthy in spending package

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Dems eye corporate tax hikeU.S. House Democrats are expected to propose raising the corporate tax rate to 26.5% from 21% as part of a sweeping plan that includes tax increases on the wealthy, corporations, and investors, according to two people familiar with the matter.

Democrats are also expected to propose a 3% surtax on individual income above $5 million as part of a wide-ranging $3.5 trillion budget bill.

They are also considering raising the minimum tax on U.S. companies' foreign income to 16.5% from 10.5% and the top capital gains tax rate to 28.8% from 23.8%.

The Wall Street Journal first reported the outline of the proposal, citing a congressional aide. A spokesman for the House Ways and Means Committee, which is responsible for tax policy, did not immediately respond to a request for comment.

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