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

US Capitol

WASHINGTON (AP) — House Democrats are unveiling a sweeping proposal for tax hikes on big corporations and the wealthy to fund President Joe Biden’s $3.5 trillion rebuilding plan.

The House released details on Monday as Congress speeds ahead to shape the far-reaching package touches almost all aspects of domestic life.

The proposed top tax rate would revert to 39.6% on couples earning more than $400,000, and 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% on incomes beyond $5 million.

The tax hikes are in line with Biden’s own proposals.

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Andrew Carrigan

Andy Carrigan is the Social Media & Digital Content Manager at WREX. He joined the 13 WREX team as a photographer in 2016 after graduating from Northern Illinois University.

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