Biden’s “American Jobs Plan” aims to spend $2 trillion on modernizing the country’s transportation network, water systems, power grid and other infrastructure, a daunting plan he says can be financed through tax increases instead of borrowing. His corporate tax hike would partially reverse former President Donald Trump’s rollback of taxes on companies, though it stops short of returning to the pre-Trump 35% rate. Biden also wants a global minimum tax on multinational companies and tighter rules for deductions. In the past, he’s called for increasing the top tax rate for people making over $400,000, though it’s unclear whether he’ll push for a personal tax hike in this infrastructure bill. |