September 15, 2021
Major Corporate Tax Changes Proposed by Ways and Means
House Committee on Ways and Means Chairman Richard Neal has proposed 25 new tax policies that would on net raise taxes on U.S. corporations by $963.6 billion over the next decade. In a new insight, Director of Fiscal Policy Gordon Gray analyzes the major proposals.
- Eighty-seven percent of these revenues are raised from 5 major changes to the corporate tax code.
- The proposal to raise the U.S. corporate rate by 5.5 percentage points raises by far the most revenue among all of the business tax increases proposed by the Committee.
- While the outlook for this tax package and the reconciliation bill in general is uncertain, the direction of tax policy under this proposal is clear: It would see taxes on U.S. corporations increase by nearly $1 trillion over the next decade.