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The draft proposal, which could still change before being officially released on Monday, calls for increasing the maximum marginal rate for individuals to 39.6%, from 37% set by the Republicans’ tax cut law of 2017, according to a plan circulating Sunday and obtained by CNN.
The rate would apply to people with taxable income over $ 400,000 per year and to married couples reporting jointly earning more than $ 450,000 per year.
The maximum rate of capital gains would increase to 25%, instead of 20%.
In addition, lawmakers would impose a 3% surtax on people whose adjusted gross income exceeds $ 5 million.
The proposal also calls for increasing the maximum corporate tax rate to 26.5%, from the 21% currently set by the Republicans’ 2017 tax cut law. It would only apply to businesses with revenues over $ 5 million.
The plan would also increase various other taxes on the wealthy and businesses, among other measures, for an estimated total of $ 2.9 trillion.
This is a breaking story and will be updated.
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