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Democrats Release Details of Proposed Tax Increase


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The plan calls for top corporate and individual tax rates of 26.5% and 39.6%, respectively, according to a summary released by the tax-writing Ways and Means Committee. 

The proposal includes a 3% surcharge on individual income above $5 million and a capital gains tax of 25%.

The House tax plan would not go as far as President Joe Biden initially hoped. The president had called for a 28% corporate tax and a 39.6% capital gains rate.

The House proposal would take huge steps to reverse the 2017 Republican tax cuts. It would hike the corporate rate to 26.5%, after the GOP slashed it to 21% from 35%.

Democrats would also restore the top individual rate to 39.6% after Republicans cut it to 37%.

Democrats plan to use the new revenue to fund expansions of child care, paid leave, pre-K education, community college, public health insurance plans, household tax credits and green energy incentives, among other investments.


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