President Joe Biden reintroduced the $2.25 trillion American Jobs Plan proposal Wednesday, which would drastically alter American business.
“America is… turning peril into possibility. Crisis into opportunity. Setback into strength,” Biden said about the proposed plan that would take 15 years to raise $2.5 trillion in revenue.
The ensuing tax consequences from the proposal are as follows:
Raise the corporate tax rate from 21 percent to 28 percent Raise taxes on those making more than $400,000 a year Repeal tax cuts for income earned by American companies exporting goods and services abroad Expand the global minimum tax to 21 percent Repeal the tax code to limit corporate transactions in which a U.S. company moves its headquarters abroad by becoming a subsidiary of a foreign acquirer Shift the tax burden in energy sector from fossil fuels to clean energy in the form of subsidies
The tax and spend scheme comes with what