- Democrats on the House Ways and Means Committee outlined numerous tax hikes to fund the $3.5 trillion budget bill. The plan calls for a corporate tax rate of 26.5 percent – 1.5 percent higher than what Senator Joe Manchin favors – and restores the top individual tax rate to 39.6 percent. It also includes a 3 percent surcharge on individual income above $5 million and a capital gains tax of 25 percent. The committee also proposed doubling the current rate of excise taxes on cigarettes, small cigars, and roll-your-own tobacco. According to a document circulated among lawmakers, the tobacco and nicotine provisions would generate $96 billion in revenue. (Articles here, here, here, here, and here)
September 14, 2021
D.C. News