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 $450,000, 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.