President Joe Biden and congressional Democrats are demanding $3 trillion in tax increases on families and businesses. The largest tax hike in over 50 years.

Biden says he is “asking” corporations to pay “a little bit more.” But his plan would force businesses to pay significantly higher taxes than they faced even before the Tax Cuts and Jobs Act passed in 2017. The proposed budget hikes taxes on corporations by $2 trillion over the next decade. It would hike federal corporate income taxes to 28%, introduce a 15% minimum tax on book income, and impose a global minimum tax on U.S. businesses of up to 26.25%.