Biden Plans to Increase Taxation on Billionaires and Big Businesses

US President Joe Biden has proposed introducing additional taxes on billionaires and large corporations in the US.

He also proposed a threefold increase in corporate taxes in his proposed new budget, which Republicans in Congress will almost certainly reject.

The White House statement said Biden wants a 25 percent minimum tax on the richest Americans.

In terms of taxes on companies, he intends to raise them to 28 percent, which eliminates the main tax incentives that were applied during the era of former President Donald Trump, the US president said in a statement.

Source: AFP.

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