House Democrats expected to propose hike to corporate tax rate, surtax on wealthy- report By Reuters

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© Reuters. FILE PHOTO: The skyline of lower Manhattan is seen before sunrise in New York City, U.S., July 17, 2019. REUTERS/Brendan McDermid

WASHINGTON (Reuters) – U.S. House Democrats are expected to propose raising the U.S. corporate tax rate to 26.5% from 21%, the Wall Street Journal reported Sunday, citing a congressional aide.

Democrats are also expected to propose a 3% surtax on individual income above $5 million as part of a wide-ranging budget bill. They are also considering raising the minimum tax on U.S. companies’ foreign income to 16.5% from 10.5% and the top capital gains tax rate to 28.8% from 23.8%, the Journal reported.

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