Biden administration considers raising corporate tax rate to offset stimulus

by Jordyn Pair · Mar 11th, 2021 9:02 am

Last Updated Mar 12th, 2021 at 9:11 pm

The Biden administration has said it is considering gradual tax increases to help offset spending initiatives such as the stimulus bill.

President Biden during his campaign had promised to raise the federal corporate tax rate from 21% to 28%.

Republicans have pushed back on the tax hikes. Rep. Kevin Brady (R-TX) said that Democrats will push for increases immediately after signing the $1.9 trillion relief package. Brady played a large role in the design of the Tax Cuts and Jobs Act of 2017.

"Tax increases are coming, there's no question about it," Brady told Fox Business on March 9. "They intend to pair it with an infrastructure bill — although, right now, they're spending almost $2 trillion with almost no impact on the economy."


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