Democrats Release Details of Proposed Tax Increase

[andhra_jp]

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.

https://www.cnbc.com/2021/09/13/house-democrats-propose-tax-increases-in-3point5-trillion-budget-bill.html
 

[Pitta]

[covid2021]

1 minute ago, Pitta said:

asal taad yendhi ne gif yendhi 

[Pitta]

Just now, covid2021 said:

asal taad yendhi ne gif yendhi 

thread is about tax increase... gif emo tom tax minister ki call chestunnadu 

[covid2021]

2 minutes ago, Pitta said:

thread is about tax increase... gif emo tom tax minister ki call chestunnadu 

ninn yevvad sesukuntado kani sachind

[Pitta]

1 minute ago, covid2021 said:

ninn yevvad sesukuntado kani sachind

[Ryzen_renoir]

Excellent decision that was long overdue

[covid2021]

3 minutes ago, Pitta said:

[covid2021]

2 minutes ago, Ryzen_renoir said:

Excellent decision that was long overdue

daa 

[Pitta]

4 minutes ago, covid2021 said:

[covid2021]

2 minutes ago, Pitta said:

 

[Picheshwar]

13 minutes ago, Pitta said:

 

[Picheshwar]

1 minute ago, covid2021 said:

 

nen post chesna ninna

 

[covid2021]

14 minutes ago, Picheshwar said:

nen post chesna ninna

 

 

[Picheshwar]

kasepu nuvvu kannarpaku