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US House Democrats Set to Propose Corporate Tax Rate of 26.5%

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The U.S. 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.

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