“I'm going to make the corporate tax 28%. It shouldn't be 21%. By the way, I'm going to eliminate a significant number of the taxes. I'm going to make the corporate tax 28%.”
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Biden formally proposed raising the corporate tax rate from 21% to 28% in the March 31, 2021 American Jobs Plan and again in every annual budget through FY2025, but Congress never enacted the increase. The rate hike was dropped from the 2021 reconciliation negotiations amid opposition from Sen. Kyrsten Sinema, and the Inflation Reduction Act (August 2022) instead created a 15% corporate alternative minimum tax on the largest corporations. The statutory corporate rate remained 21% through the end of his term on January 20, 2025.
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