To help pay for trillions more in federal spending, Biden has proposed raising taxes on individuals, corporations and capital gains. As part of Biden's 'Build Back Better' initiative – including real and 'human infrastructure' – he is proposing the $2.3 trillion American Jobs Plan and $1.8 trillion for American Families Plan. The American Jobs Plan, which Biden proposed in April, includes raising the corporate tax rate from 28 per cent from the current 21 per cent in a partial reversal of former President Donald Trump's 2017 tax cuts. 'Yes, internationally we don't want to be disadvantaged, so he's also working with other countries so that we have a minimum tax internationally so there's not a race to the bottom,' she said. Former White House economic adviser Steven Rattner, who worked for Barack Obama when he was president, warned against Biden's 'massive' spending plans.

Source: The Nation May 02, 2021 21:01 UTC