In One Chart: Why Biden’s Corporate Tax Rate Increase Is a Mistake

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As part of his infra­struc­ture plan, Pres­i­dent Biden is propos­ing to raise the fed­er­al cor­po­rate tax rate from 21 per­cent to 28 per­cent and broad­en the cor­po­rate tax base. The admin­is­tra­tion projects the plan would raise $2 tril­lion over 15 years.
The CBO cur­rent­ly projects cor­po­rate tax rev­enues will be $3.5 tril­lion over the next decade. So Biden’s plan over its first decade would rough­ly increase cor­po­rate tax rev­enues 38 per­cent. In real­i­ty, his plan would not raise that much because cor­po­ra­tions would respond strong­ly to avoid the increase, but this per­cent­age gives a sense of the large size of the pro­posed hike.
Biden’s …

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