The House Ways and Means Committee has announced on Monday that it seeks to raise the tax rate on US corporations.

According to Reuters, the panel is proposing a graduated corporate tax, with 18% on income below $400,000, 21% on income up to $5 million, 26.5% on income above $5 million.

Although the initial market reaction to this development was largely muted, Wall Street’s main indexes started to edge lower from opening highs. As of writing, the S&P 500 was up 0.4% and the Nasdaq Composite was flat on the day at 15,115.

Read More