Biden gets corporate tax hike wrong

President Joe Biden has proposed raising the corporate tax rate by one-third to 28%. Biden said he wants to raise the corporate tax rate because a study claimed that many large corporations paid no federal income tax last year.

But raising the corporate tax rate would not address this problem. That’s because it does not address the deductions or credits that cause companies to pay lower taxes. Regardless, raising the corporate tax rate would be a mistake for a number of reasons.