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President Biden's Corporate Tax Increase Would Reduce Wages, Harm Economic Growth, and Make America Less Competitive


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President Joe Biden recently outlined his American Jobs Plan, a massive $2 trillion tax-and-spend proposal. Billed as an “infrastructure” and “jobs” plan, the proposal would include a variety of policies that would centralize more power in the federal government without creating jobs, nor much of what is traditionally considered infrastructure.REF
This
Backgrounder focuses on analysis of the tax portions of the proposal. President Biden’s tax proposal would:REF
Increase the corporate tax rate to 28 percent from the current 21 percent rate;
Enact a new 15 percent minimum tax on book income for large corporations;
Seek an international agreement to impose global minimum corporate taxes that would sacrifice American competitiveness in an attempt to create a cartel of high-tax countries around the world; ....

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