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

WASHINGTON (Reuters) – Democrats are expected to offer a proposal to raise corporate taxes in the US by 26.5% from 21%, the Wall Street Journal reported on Sunday, citing a congressional candidate.

Democrats are also expected to contribute 3% of the above $ 5 million personal income as part of a larger income. It also plans to raise taxes to reduce the cost of foreign companies to US companies by 16.5% from 10.5% and the highest taxes to be taxed at 28.8% from 23.8%, the newspaper said.

(Written by Pete Schroeder; edited by Diane Craft)

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