House Democrats are seeking to raise $2.9 trillion in tax revenue by repealing some Trump-era tax cuts, raising taxes for large firms and couples earning over $450,000, according to a recently released draft proposal circulating with the House Ways and Means Committee.
The draft tax increases propose a 39.6% top tax rate on Americans who earn over $400,000 or married couples that earn $450,000 jointly.
The new proposal, first obtained by Business Insider, outlines that the capital gains tax rate, which had previously been suggested to double, would only be raised to 25%, up from 20%.
The plan also suggests a 3% “surtax” on those with an adjusted gross income of over $5 million and an increase for the corporate tax rate to 26.5%, up from the 21% set in 2017, for businesses earning over $5 million. Businesses that