Reconciliation bill -corporation taxes - 39% (2016) - 21% (2021)

  “$3.5 Trillion Is Not a Lot of Money” [Eric Levitz, New York Magazine].

What about its implications for taxes? Just how ‘painful’ are the leadership’s proposed revisions to the tax code? Well, the reconciliation bill would raise the corporate tax rate from 21 percent to 26.5 percent. For context, before Donald Trump took office, America’s top corporate rate was roughly 39 percent. In 2012, Mitt Romney campaigned on lowering that rate to 25 percent. So the Democratic leadership’s preferred corporate rate is a hair to the left of a Utah Republican’s and much to the right of the last Democratic president’s. As for individual income taxes, the reconciliation bill would cut taxes for the roughly 90 percent of American households who earn less than $200,000 a year. It would, however, raise the top income tax rate all the way to … where it was under Barack Obama.” •