According to various media reports, Democrats in the U.S. House of Representatives’ Ways & Means Committee have promulgated a series of tax increases to fund the expansion of social safety net programs and fight climate change, as part of President Biden’s $3.5 trillion spending plan. Among the many proposed items is an increase in the corporate tax rate to 26.5% (up from 21%), a 3 percentage point surtax on top earners and a capital-gains tax increase.
The WSJ says the basic capital-gains rate would rise to 25% (up from 20%), however when combined with an existing 3.8% investment-income tax and the surtax, the new top rate on capital gains could be as high as 31.8%. CNBC says The plan calls for top corporate and individual tax rates of 26.5% and 39.6%, respectively, according to a summary released by the tax-writing Ways and Means Committee. This is a developing story…Stay tuned.
Click here to read the full story at CNBC.com.
Click here to read the dull story at the Wall Street Journal.
Click here the U.S. House Ways & Means Committee summary report.
