JCT Report: Subtitle for Revenue Raisers in Budget Reconciliation Described (IRC §1)

Sept. 14, 2021, 5:00 AM

Description of Subtitle I providing increase in corporate and individual tax rates, among others, the JCT released late September 13. Subtitle I was added to the Budget Reconciliation Legislative Recommendations released earlier. The Nature of a Substitute to the Committee Print also amends the possessions economic activity credit in Subtitle F. Subtitle I would raise the maximum corporate income tax to 26.5%, the individual rate to 39.6% with a 3% surcharge for taxpayers with income above $5 million, and the capital grains rate to 25%. [JCX-43-21 (Sept. 13, 2021)]

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