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Biden will today announce 7% corporate tax hike to 28% and 'target profits in tax havens' to raise $2TN for his huge climate-friendly infrastructure proposal

• President Joe Biden will unveil in remarks in Pittsburgh, Pennsylvania on Wednesday afternoon his massive $4 trillion infrastructure plan  
• Biden plans to pay for $2 trillion of the Build Back Better initiative with a 7% corporate tax increase – bringing the rate from 21% to 28%
• The hike will undo former President Trump's famed tax cuts from 2017
• 'If Republicans have alternative ways to pay for it, we're certainly open to hearing that,' Psaki told MSNBC's 'Morning Joe' on Wednesday morning
• Biden could also update the tax code so companies can't move headquarters to a 'tax haven' overseas, which allows corporations to avoid transparency laws 
• The tax increases could also hit Americans earning more than $400,000 a year, married couples, businesses and estates 
• AOC said the package is 'not nearly enough' and should be 'way bigger'

By Katelyn Caralle, U.S. Political Reporter For Dailymail.com and Associated Press

Published: 05:24 EDT, 31 March 2021 | Updated: 13:55 EDT, 31 March 2021 

As part of the proposal, Biden could update the tax code so companies cannot move their headquarters to a 'tax haven' overseas, which allows corporations to avoid transparency laws.

Incidentally, Biden was senator for Delaware for 36 years – a tax haven state ranked the 'world's most opaque' by the London-based 'Tax Justice Network' in 2010.

Delaware has no sales tax, it does not tax business transactions, and it does not have use, inventory or unitary tax. There is also no inheritance tax in the state and no capital shares or stock transfer taxes. 

This tax hike, if passed, would be the largest comprehensive tax increase since 1993. 

'If Republicans have alternative ways to pay for it, we're certainly open to hearing that. They don't think they should pay for it? We're open to hearing that, too,' Psaki told MSNBC's 'Morning Joe' on Wednesday morning. 'What we're focussed on is we have to invest in our infrastructure.'

https://www.dailymail.co.uk/news/article-9422227/Eager-build-infrastructure-Biden-plans-tax-business.html

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