Democratic presidential candidate Joe Biden announced a tax plan for paying for his policy proposals Wednesday that would raise $3.2 trillion over 10 years.
The plan includes new and higher taxes on the wealthy and corporations, according to Bloomberg, including a particular measure that would hit companies such as Amazon, Netflix, and other companies that critics have accused of not paying federal income taxes in recent years. The measure is called a “minimum book tax,” and would raise approximately $400 billion over a decade.
The minimum book tax would be combined with an increase in the top individual and corporate rates.
He is also proposing to double the minimum tax on foreign profits of U.S. firms created by the 2017 GOP tax overhaul to 21%, which would raise another $340 billion in revenues.
The former vice president also wants to cap tax breaks for the wealthy at 28%, which would raise $310 billion.
Biden’s campaign is aiming to show a full list of taxes and other mechanisms for raising revenues to pay for all his spending plans, something that his Democratic rivals Elizabeth Warren and Bernie Sanders have already done. Their proposals would raise many trillions more in taxes, though: Warren’s and Sanders’s healthcare plans alone would cost $20.5 trillion and $30 trillion, respectively, over the next decade.
