Treasury Secretary Janet Yellen on Wednesday unveiled a plan to hike corporate taxes that would raise $2.5 trillion over 15 years — to pay for the $2.3 trillion infrastructure overhaul proposal introduced last week by President Biden.
The plan is underpinned by an increase of the corporate tax rate from 21 percent to 28 percent, and it also features a global minimum tax rate of about 21 percent and a “minimum book tax” of 15 percent that all big companies would pay, Yellen said.
Biden last week proposed a $2.3 trillion infrastructure plan that would largely be funded by an increase in the corporate tax rate to 28 percent and an expanded global minimum tax set at 21 percent.
Yellen said the plan would double-down on workers’ skills and traditional infrastructure such as roads and bridges as well as modern infrastructure such as broadband. The increases would produce roughly $2.5 trillion in revenues over 15 years, enough to