Democrats in the House of Representatives want to scale back Joe Biden’s proposed tax increases on corporate income and capital gains, as part of $2.9tn in tax hikes to pay for the US president’s expansion of the social safety net.
The draft tax plan was circulated on Sunday among members of the House Ways and Means committee, which is responsible for tax legislation in the lower chamber of Congress, according to people familiar with the matter.
Under the plan, the US corporate tax rate would rise from its current level of 21 per cent to 26.5 per cent — short of the 28 per cent level proposed by Biden early this year.
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