Biden administration makes pitch for higher business taxes

The Biden administration is drilling down on the argument that higher corporate tax rates would ultimately help an ailing economy. Treasury Secretary Janet Yellen says that the resulting investments in infrastructure and workers from the taxes would boost growth. President Joe Biden has proposed a $2.3 trillion infrastructure plan that would largely be funded by a 28% corporate tax rate and an expanded global minimum tax set at 21%. The increases would produce roughly $2.5 trillion in revenues over 15 years, enough to cover the eight years’ worth of infrastructure investments being proposed.