Biden Looks to Raise US Corporate Taxes, with Dozens of Companies Now Paying Nothing 

WASHINGTON - U.S. President Joe Biden is looking to raise corporate income tax rates to help pay for his proposed $2.3 trillion infrastructure spending plan, but dozens of the country’s biggest and best-known companies are currently legally avoiding paying any federal taxes. 

Biden says he wants to raise the corporate income tax rate from 21% to 28%. The rate was cut from 35% in 2017 under Biden’s predecessor, Donald Trump.   On Monday, U.S. Treasury Secretary Janet Yellen called for a global minimum tax. In a speech before the Chicago Council on Global Affairs, she said the tax would apply to multinational corporations no matter where they locate their headquarters, to prevent countries from trying to outdo one another by lowering tax rates in order to attract business.  “Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen said. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”