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Biden Aims to End Corporate Tax Cuts Rewarding Investors

  • Buyback boom after Trump’s 2017 tax reforms set to slow
  • U.S. firms could again become more attractive takeover targets
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WATCH: President Joe Biden outlines his administration's infrastructure plan that is focused on aiding U.S. manufacturing, creating jobs, and addressing inequality. (Source: Bloomberg)
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The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad.

President Joe Biden’s $2.25 trillion infrastructure-centered plan, laid out by the White House Wednesday, relies on higher corporate levies to pay for it. The proposals would change tax benefits that were at the center of the 2017 Tax Cuts and Jobs Act passed solely with Republican votes. Along with boosting the corporate income tax rate to 28% from 21%, businesses would pay significantly more on their global earnings than they did before Trump took office, experts said.