Bill to support Biden's infrastructure and jobs plan would roll back some of Trump's 2017 tax cuts
Seeking to fund President Joe Biden’s $3.5 trillion economic recovery and stimulus package, House Democrats unveiled a plan Monday to raise taxes on large corporations and the wealthy, the Associated Press reported.
The proposed top tax rate would revert to 39.6% on couples earning more than $450,000, and there would be a 3% tax on wealthier Americans making beyond $5 million a year. For big businesses, the proposal would lift the 21% corporate tax rate to 26.5% on incomes beyond $5 million. The tax increases would roll back some of then-President Donald Trump’s trillion-dollar tax cut in 2017.
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