What’s in Biden’s $2 Trillion Corporate Tax Plan
Companies would face higher taxes on domestic and foreign income
President Biden is calling for $2 trillion in corporate tax increases over 15 years to pay for his infrastructure plan. Here are the basics of the revenue-raising side of the plan, which reverses many of the changes from the 2017 tax law written and passed by Republicans.
The proposals released on Wednesday hew closely to Mr. Biden’s campaign tax plan. But they don’t include his proposals affecting taxes on high-income individuals’ income, capital gains, estates and non-corporate businesses. Those are expected in a future segment of the president’s agenda.
How big is the tax increase?
Not counting the Biden plan, corporate taxes are projected to be 1.3% of gross domestic product over the next decade,…
