The US Tax Foundations highlight:
- An increase in the federal corporate tax rate to 28 percent would raise the U.S. federal-state combined tax rate to 32.34 percent, higher than every country in the OECD, the G7, and all our major trade partners and competitors including China. This would harm U.S. economic competitiveness and diminish our role in the world.
Bolding mine. Not that I’m complaining, K?
Don’t expect this hike to sail its way through Congress, Biden will have a fight on his hands.