House Democrats expected to propose hike to corporate tax rate, surtax on wealthy

WASHINGTON (Reuters) – House Democrats are expected to suggest raising the U.S. firm taxation complaint to 26.5% from 21%, the Wall Street Journal reported Sunday, citing a legislature aide.

Democrats are besides expected to suggest a 3% surtax connected idiosyncratic income supra $5 cardinal arsenic portion of a wide-ranging fund bill. They are besides considering raising the minimum taxation connected U.S. companies’ overseas income to 16.5% from 10.5% and the apical superior gains taxation complaint to 28.8% from 23.8%, the Journal reported.

(Reporting by Pete Schroeder; editing by Diane Craft)