Gross beat replacement10/17/2023 ![]() ![]() ![]() Interest deduction limitation: The proposal would add a new Sec. However, the graduated rate would phase out for corporations making more than $10 million. Tax rate: The proposal would replace the current flat 21% corporate tax rate with a graduated rate, starting at 18% on the first $400,000 of income 21% on income up to $5 million and 26.5% on income above $5 million. Here are highlights of the proposed changes. The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code. The committee plans to mark up the bill on Tuesday and Wednesday. ![]() The House Ways and Means Committee on Monday released legislative text for proposed tax changes to be incorporated in the budget reconciliation bill known as the "Build America Back Better" act.
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