The Latest News on the Economy

Washington wants to raise corporate taxes.

The Biden administration is working on raising corporate taxes that would finance a massive investment plan including infrastructure, and the US Treasury Secretary said in a hearing before the House of Representatives.

Joe Biden “has been clear on the tax proposals,” said Janet Yellen, adding that the president plans to reduce the corporate tax rate to 28% from the current 21%. “We are witnessing a global race to pull down corporate taxation and we hope to end it,” she added.

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