House Democrats proposed a 26.5% top corporate tax rate and 39.6% top individual rate as they try to pay for a $3.5 trillion bill.
Biden has promised not to raise taxes on anyone who make less than $400,000 per year.
Under the House Democratic plan, the top corporate rate would apply to income above $5 million. The first $400,000 in income would be taxed at an 18% rate.The plan would invest nearly $79 billion in IRS tax enforcement to increase revenue raised. The committee outline does not include a proposal to raise the $10,000 cap on state and local tax deductions set under the GOP law. A handful of Democrats from high-tax blue states such as New Jersey and New York have said they will oppose a reconciliation bill that does not raise the deduction limit.
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