President Biden defended his proposal to raise the corporate tax rate to 28% by saying Friday that “wacko liberal” former President Ronald Reagan taxed businesses at an even higher rate…
WASHINGTON — President Biden defended his proposal to raise the corporate tax rate to 28% — up from 21% — by saying Friday that “wacko liberal” former President Ronald Reagan taxed businesses at an even higher rate.
Former President Donald Trump’s 2017 tax-cuts law lowered corporate taxes from 35% to the current 21% in an effort to make the rate more consistent with other countries and to reduce the cost of doing business. Biden’s annual budget proposal calls for other tax hikes, which might not pass due to House Republican opposition.The plan would raise the top individual tax rate to 39.6% and for the near-doubling of capital gains taxes on assets like stocks — from 20% to 39.6% — for people who earn more than $1 million in annual income.
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