'Dangerously misguided': Biden faces pushback on plan to tax corporations

President Joe Biden’s plan to raise the corporate tax rate by 7 percentage points has generated growing opposition in the business world and among some lawmakers on Capitol Hill.

Biden hopes to raise the corporate tax rate from 21% to 28% in order to help fund his more than $2 trillion infrastructure spending package. The American Jobs Plan also increases the global minimum tax applied to U.S. corporations by increasing it from 13% to 21% and aims to generate more revenue by cracking down on tax avoidance by companies with foreign investments.