House Democrats Set to Propose Corporate Tax Rate of 26.5% (3)

House Democrats are set to propose raising the top corporate tax rate to 26.5%, people familiar with the matter said, among other plans that fall short of President Joe Biden’s ambitions in a bid to help improve chances of passing a major social-spending package.

Democrats on the House Ways and Means Committee are looking to new taxes for cryptocurrency and tobacco to help pay for Biden’s $3.5 trillion economic plan, which the committee document estimates would be fully paid for under its plan.

Democrats are proposing an increase in the corporate rate that’s currently 21%, offering less than the ...