House Democrats expected to propose hike to corporate tax rate, surtax on wealthy

WASHINGTON (Reuters) – House Democrats are expected to propose raising the U.S. corporate tax rate to 26.5% from 21%, the Wall Street Journal reported Sunday, citing a congressional aide.

Democrats are also expected to propose a 3% surtax on individual income above $5 million as part of a wide-ranging budget bill. They are also considering raising the minimum tax on U.S. companies’ foreign income to 16.5% from 10.5% and the top capital gains tax rate to 28.8% from 23.8%, the Journal reported.

(Reporting by Pete Schroeder; editing by Diane Craft)