Biden proposes raising corporate tax rates

President Joe Biden proposed raising corporate tax rates from lower rates enacted under the 2017 Tax Cuts and Jobs Act.

Details: In a fact sheet released ahead of his State of the Union address, Biden proposed:

  • Raising the corporate tax rate to 28% and the corporate minimum tax to 21%.

  • Applying the 21% minimum rate on multinational corporations.

  • Denying corporations a tax deduction when they pay over $1 million to any employee.

  • Quadrupling the stock buyback tax from 1% to 4%.

  • Eliminating a tax break for corporate jets.

ICBA View: ICBA has repeatedly advocated against any tax increases that would directly target community banks and strongly supports legislation that would make permanent the 20% Section 199A deduction for small and individually owned businesses.

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