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Biden's $2.2 Trillion Infrastructure Plan to Raise Corporate Income Tax to 28%
Posted
March 31, 2021
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March 31, 2021
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1:19Now PlayingPresident Joe Biden released a sweeping plan to pump money into transportation, renewable energy, manufacturing and efforts to combat climate change -- funded by undoing some of the tax breaks that corporations received during the Trump administration.
The $2.25 trillion, eight-year proposal is a follow-up to the $1.9 trillion economic relief bill passed earlier this month. To cover the costs, Biden wants to raise corporate taxes to 28% from 21%. The plan also seeks a minimum tax on profits U.S. corporations earn overseas, increasing the rate to 21% from roughly 13%.
The White House plans a second major package, which could cost $1 trillion or more, later in April to focus on social measures, including expanding health care and paid-leave access and extending the child tax credit --offset by tax increases on wealthy individuals.
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