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Biden Administration Looking at US Corporate Tax Hike: Yellen

President Joe Biden and Treasury Secretary Janet Yellen. (getty)


President Joe Biden’s administration is considering hiking the US corporate tax rate, Treasury Secretary Janet Yellen said on Tuesday, as it looks to pay for priorities like a forthcoming infrastructure plan.

“We’ve had a global race to the bottom in corporate taxation and we hope to put an end to that,” Yellen told the House Financial Services Committee, adding that Washington wanted to increase the rate to 28 percent.

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