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.