Biden Plans to Tax Businesses at a Higher Rate Than Communist China Does

DM

President Joe Biden’s $2 trillion infrastructure plan, unveiled Wednesday, contained a mix of the expected and unexpected. One of the expected elements: a huge corporate tax hike. But don’t fret, the administration assures us. For right now, even the rich won’t be paying more. Instead, the tax increases are aimed at corporations, undoing much of former President Donald Trump’s 2017 tax breaks. As The Washington Post reported Tuesday, the administration is looking to raise up to $3 trillion in tax revenue over the next decade, “primarily on wealthy investors, rich people and businesses.” The taxes, The Post noted, “have already come under heavy criticism from congressional Republicans, who say such hikes will damage U.S. competitiveness and drain the nation of vital economic activity as it struggles to rebound from the pandemic.” “Biden’s tax plan is expected to raise the corporate tax rate from 21 percent to 28 percent, end federal subsidies for fossil fuel companies and increase the global minimum tax paid from about 13 percent to 21 percent, as well as other measures aimed at taxing corporations that shelter profits offshore to avoid taxes,” it said.

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