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Biden has proposed increasing the corporate tax rate to 28% from 21% to help fund his plans for roads, bridges, electric vehicles and broadband, and that remains his preferred approach. But the rate hike is a non-starter with Republicans because it would undo the 2017 tax cuts signed into law by President Donald Trump.
The president is essentially staking out the principle that profitable corporations should pay income taxes. Many companies can avoid taxes or minimize their bills through a series of credits, deductions and other ways of structuring their income and expenses. The idea of imposing a minimum corporate tax is not new from Biden, who proposed the policy during the presidential campaign last year. The center-rightestimated that a minimum tax would subtract 0.21% from long-run U.S. gross domestic product.
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