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Democrats Seek Corporate, Wealthy Tax Hikes For $3.5T Plan

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In this Sept. 9, 2021 photo, House Ways and Means Committee Chairman Richard Neal, D-Mass., presides over a markup hearing to craft the Democrats' Build Back Better Act, massive legislation that is a cornerstone of President Joe Biden's domestic agenda, at the Capitol in Washington. (AP Photo/J. Scott Applewhite)

(AP) — House Democrats have unveiled a sweeping proposal for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan. Congress is speeding ahead to shape the far-reaching package that touches almost all aspects of domestic life. The proposed top tax rate would revert to 39.6% on individuals earning more than $400,000, or $450,000 for couples. There would be a 3% tax on wealthier Americans making beyond $5 million a year. For big businesses, the proposal would lift the 21% corporate tax rate to 26.5%. The tax hikes are in line with Biden’s own proposals.

 

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