The Democrat-led House Ways and Means Committee on Monday released its corporate tax hike legislation, which it is looking to use to offset its radical partisan $3.5 trillion reconciliation package.
The Democrats look to raise the corporate rate from 21 percent to 26.5 percent with this legislation, which was originally lowered from the Republican-led Tax Cuts and Jobs Act of 2017.
Additionally, the legislation has a whole host of other taxes, such as an increase in capital gains from 20 percent to 25 percent, and an increase in the tax percentage on Americans who earn more than $435,000 from 37 percent to 39.6 percent.
The Hill wrote that the Democrats are trying to also add a three percent “surtax” on any individual who has an income of more than five million dollars.
On Monday, the committee’s chairman, Richard Neal (D-MA), announced the markups for the reconciliation bill will continue Tuesday and Wednesday to mark up their socialist ideas and