House Democrats envision 26.5% corporate tax rate

WASHINGTON – House Democrats plan to propose to increase the corporate tax rate to 26.5% from 21% and impose a 3 percentage point surtax on individual income above $ 5 million, according to a Democratic House aide familiar with the plans.

The tax increases would be part of the House Ways and Means Committee’s plans to fund party priorities in a fast moving budget bill. These elements include an expanded child tax credit, a national paid vacation program, and tax breaks for renewable energy.