President Biden Wants To Increase US Corporate Taxes To 28%

In an attempt to make companies pay more taxes, President Biden is pushing to increase US corporate taxes to 28%. This is stemming from the notion that corporations in the US are known for not paying their fair share in taxes. However not everyone is in support of this move, and some think increasing US corporate taxes will make the US an inauspicious and uncompetitive environment when compared with other countries. Mr. Kevin O’Leary for one thinks so.  

He said “Tax rates matter. You heard Trump talk about 15 to 21 percent. Add three to four for each state, and you get into the range of 21 to 24, 25 for U.S. corporate tax. That’s sort of in the middle of the road regarding the competition. Not the best, but if you go to 28 and add four percent, you are the most uncompetitive country in the G7."

It remains to be seen how this will turn out.