The Biden administration wants to see taxes on corporations and billionaires go up.
The Biden administration wants to increase taxes on corporations and the moneyed class, the White House said on Thursday, ahead of the president’s address to Congress to update the country on the State of the Union of America.
The government proposed that the corporate tax rate rise to 28 percent from 21 percent. The Biden administration also said that it wants to increase the corporate minimum tax to 21 percent from the current 15 percent, according to a statement from the White House.
“President Biden believes large corporations should pay their fair share,” the White House said.
Also among the proposals, is a plan to increase a stock buyback tax from 1 percent now to 4 percent as a way to “encourage corporations to invest in productivity and the broader economy rather than windfalls for investors.” Another idea suggested by Biden is to eliminate what the administration described as a loophole to that allows private jet users to get tax breaks.
