Biden Admin Unveils Corporate Tax Hikes to Fund Infrastructure Plan

Biden Admin Unveils Corporate Tax Hikes, to Fund Infrastructure Plan.

The plan seeks to raise $2.5 trillion over the course of 15 years.

In order to achieve this, sweeping changes to the corporate tax code would be enacted.

And the corporate tax rate would be raised from 21 percent to 28 percent.

Part of the changes would be made in order to close loopholes in the tax code ... ... that have been exploited by major American companies, often allowing them to pay zero taxes in a given year.

Prior to the Trump administration, the corporate tax rate was 35 percent.

Corporate reaction to the plan has been mixed, with some business community members claiming that it "threatens to subject the U.S. to a major competitive disadvantage.".

The co-founder of Lyft, John Zimmer, had a different opinion about the tax plan.

I think it’s important to make investments again in the country and the economy, John Zimmer, Lyft Co-Founder, via 'The New York Times'