Report: Biden Plans to Enact These Four Tax Increases

Report: Biden Plans to Enact These Four Tax Increases


Corporations will be front and center as President Joe Biden seeks to raise taxes, according to a new report.

According to Axios, Biden will focus on four major tax increases as he looks for ways to fund infrastructure and social welfare programming. Collectively, the major areas would provide $1.8 trillion toward spending plans that range from $3 trillion to $5 trillion.

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The biggest hit will be an increase in the corporate tax rate from 21 percent to 28 percent. The increase would raise $730 billion over 10 years, according to the Tax Policy Center.

Under former President Donald Trump’s tax cuts, the corporate rate was cut from 35 percent to 21 percent, according to CNBC.

Biden also wants

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