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. .
Read More About: Business News