During President Biden’s State of the Union, he will unveil his plan to raise the minimum corporate tax by a whopping 40% as well as implement a tax on the rich that would be at least 25%.
Biden would raise the corporate tax rate to 28% and the corporate minimum tax to 21%. Currently, the minimum corporate tax rate stands at 15% after Biden implemented that earlier in his presidency. Biden would also refuse companies tax deductions for employees making over $1 million. “The President is proposing to levy a 25 percent minimum tax on the wealthiest 0.01 percent, those with wealth of more than $100 million,” the White House stated.
Former President Trump, the presumptive GOP 2024 presidential nominee, would reportedly make the tax cuts he implemented in his first term – which reduced corporate taxes from 35% to 21% — permanent.
During Trump’s administration, the four…
