White House plans to raise $2.5 trillion in taxes on infrastructure development

In particular, it is proposed to increase the maximum corporate income tax to 28%.

The administration of US President Joe Biden expects to receive an additional $2.5 trillion in taxes over 15 years to finance infrastructure projects. This, as reported by Reuters, is stated in a report published on Wednesday by the US Treasury Department.

It is also proposed to increase the maximum corporate income tax from 21% to 28%. Also, it is planned to increase the tax on profits earned abroad and introduce a new minimum tax on profits that companies report to investors.

“The world’s largest companies, including [technology corporation] Amazon, use various loopholes to avoid paying a single cent of federal income tax,” Reuters quotes excerpts from the speech of the head of the White House, which he made during the presentation of the tax change plan.

The agency notes that Biden’s plan has faced harsh criticism from companies, representatives of the Republican Party, and even some Democrats. To take effect, the new tax program must receive congressional approval.

Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
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