House Democrats released additional framework for the $3.5 trillion spending bill that includes raising the corporate tax rate to 26.5 percent. This increase totaling $2.9 trillion is part of a greater effort by Democrats to implement tax hikes.
KEY on corporate rate:
— Jeff Stein (@JStein_WaPo) September 12, 2021
-- Looks like Ds want corporate tax rate raised to 26.5% BUT ONLY for firms w/ +$5 million income
-- For businesses w/ income under $400K they want to LOWER the rate from 21% to 18%
-- Firms w/ $400K-$5M would see rate flat at 21% as current law https://t.co/CITxYNphOo
House Ways and Means Chairman Richard Neal (D-MA) said that the proposed tax hikes will "expand opportunity" for Americans.
“On Tuesday, we will continue our work on the Build Back Better Act with the consideration of investments to provide critical support to families, spur the development of clean energy, reinstate Build America Bonds, and improve Americans’ ability to afford health care,” Neal said in a statement. “Our proposals allow us to both address our perilously changing climate and create new, good jobs, all while strengthening the economy and reinvigorating local communities. We seek to help families better afford essentials with the continuation of the expanded Child Tax Credit and investments that will lower the cost of prescriptions and health insurance premiums. And we can do all this while responsibly funding our plans. Taken together, these proposals expand opportunity for the American people and support our efforts to build a healthier, more prosperous future for the country.”
Republicans are warning about "the highest tax increases in American history" while the economy recovers from the pandemic.
Democrats’ $3.5T budget will result in the highest tax increases in American history.
— Ways and Means GOP (@WaysandMeansGOP) September 12, 2021
These tax hikes will impact every American and only further cripple our recovery coming out of the pandemic.
The $3.5 trillion proposal faces opposition from Republicans and Democrats.
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