Democratic presidential candidate Joe Biden has proposed $1 trillion in new corporate taxes, part of the political veteran's plan to fund major new programs in health care and climate change, among other policies.
Biden's plan would double the rate at which American companies' foreign profits are taxed. Congress currently taxes companies 10.5 percent on income earned in other countries. Biden would raise that rate to 21 percent. Biden would also impose a tax on companies with $100 million in income that do not pay at least 15 percent of that in federal or foreign taxes.
🔦 Biden's plan, while far-reaching, is still overshadowed by some of his Democratic rivals. Candidates like Elizabeth Warren and Bernie Sanders have called for major new taxes on wealthy Americans and corporations, including raising the corporate tax rate from 21 percent to 35 percent.