Biden unveils plan to raise taxes on corporations and rich

by ian

The internet is abuzz after the State of the Union address last night – especially concerning President Joe Biden’s rhetoric of the rich “paying their fair share” through tax hikes for corporations.

For context, former President Donald Trump reduced corporate taxes from 35% to 21% in his first term and saw real gross domestic product soar more than 3%. That was the best since George W. Bush’s presidency.

But Biden’s proposed tax plans are unlikely to materialize unless he secures a second term and Democrats win control of both chambers of Congress.