Wall Street Journal report on what is expected ahead from House Democrats
- expect to propose raising the corporate tax rate to 26.5% from 21%
- 3% surtax on individual income above $5 million
- a House Democratic aide familiar with the plans.
Also are considering raising the minimum tax on U.S. companies’ foreign income to 16.5% from 10.5% and increasing the top capital-gains tax rate to 28.8% from 23.8%. L
A tax hike (even just these murmurings) might very well out a dampener on the rise.
- want corporate tax rate raised to 26.5% only for firms with >$5 m income
- for firms with income under $400K they want to lower the rate from 21% to 18%
- those b/w $400K-$5M would see rate flat at 21% as currently