The Biden plan would raise corporate tax rate to 28% from 21%
By Megan Henney
Sen. Joe Manchin, D-W.Va., said Monday that he does not support President Biden’s proposed tax increases on corporations as part of a nearly $2.3 trillion spending proposal, potentially dealing a fatal blow to a key revenue raiser included in the infrastructure initiative.
Biden’s plan would raise the corporate tax rate to 28% from 21% and increase the global minimum tax on U.S. companies to 21% from about 13%. The White House said the tax increases would pay for the proposed investments in the…
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