Democrats seek corporate, wealthy tax hikes for $3.5T plan
WASHINGTON (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.