US house democrats aim to hike top corporate tax rate to 26.5%


WASHINGTON: Leading Democrats in the US House of Representatives said on Monday they are seeking to raise the nation’s top tax rate on corporations to 26.5%, up from the current 21%.
The powerful House Ways and Means Committee said it will debate legislation this week that would achieve the change as part of Democrats’ broader, $3.5 trillion domestic investment plan.
The tax-writing panel has scheduled work sessions for Tuesday and Wednesday to debate tax policy and other matters under its jurisdiction to be included in the $3.5 trillion “reconciliation” bill.
House Ways and Means chairman Richard Neal will attempt to win the committee’s approval of the tax changes that are aimed at helping pay for the $3.5 trillion bill to expand social services for the elderly and children and tackle climate change.
Neal wants to set a graduated corporate tax rate of 18% on annual income below…

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