Free Republic

House Democrats want to raise the corporate rate to 26.5 percent as part of nearly $3 trillion in tax increases to defray the cost of their next big spending package, while boosting to top rate for individuals to 39.6 percent. The Ways and Means Committee is also planning to call for a new 3 percent surtax on people making more than $5 million, sources familiar with Chair Richard Neal’s still-unreleased plan say, as well as increasing the top capital gains rate to 28.8 percent from 23.8 percent . Neal also wants to raise taxes on multinational corporations’ overseas profits, tighten...

President Bill Clinton says the nation’s corporate tax rate is “uncompetitive,” and called for a lower rate as part of a “mega-deal” to raise the debt ceiling. “When I was president, we raised the corporate income-tax rates on corporations that made over $10 million [a year],” the former president told the Aspen Ideas Festival on Saturday evening. “It made sense when I did it. It doesn’t make sense anymore – we’ve got an uncompetitive rate. We tax at 35 percent of income, although we only take about 23 percent. So, we SHOULD cut the rate to 25 percent, or whatever’s...