House Committee on Ways and Means Chairman Richard Neal has proposed 25 new tax policies that would increase taxes on U.S. corporations by $ 963.6 billion over the next decade. In a new finding, Fiscal Policy Director Gordon Gray analyzes the key proposals.
- Eighty-seven percent of that revenue came from 5 major changes to the corporate income tax law.
- The proposal to raise the US corporate tax rate by 5.5 percentage points brings by far the most revenue of any business tax increase proposed by the committee.
- While the outlook for this tax package and the Reconciliation Act in general is uncertain, the direction of tax policy under this proposal is clear: over the next decade, taxes on U.S. corporations would rise by nearly $ 1 trillion.
Read the analysis