Infrastructure

Big business challenges Biden tax hikes

By Katherine Doyle
Published April 8, 2021 10:15am ET
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Big business challenges Biden tax hikes
Joe Biden has endorsed a plan by Senate Democratic Leader Chuck Schumer that seeks to take more than 63 million gas vehicles off the road over a decade, replacing them with cleaner ones. | (Callaghan O'Hare/Bloomberg)

A proposal to pay for President Joe Biden’s sweeping new infrastructure bill with tax hikes is drawing criticism from big business.

In addition to boosting the corporate tax rate to 28% from 21%, Biden’s “American Jobs Plan” calls for restructuring how U.S. companies are taxed on foreign profits.

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