Democrats Propose Raising Corporate Tax Rates to 26.5%

Democrats are expected to propose raising corporate tax rates from 21% to 26.5%, while Biden was looking to raise it to 28%.

Democrats are also looking into new cryptocurrency and tobacco taxes to contribute to Biden’s $ 3.5 trillion economic plan.

This comes on top of an additional 3% tax on individuals with gross income above $ 5 million and the treatment of cryptocurrencies like other financial instruments, which will generate approximately $ 16 billion, bringing the total to $ 2.9 trillion from these taxes. .

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