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Biden Plans to Increase Taxation for Billionaires and Big Businesses

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US President Joe Biden has proposed additional taxes on billionaires and large corporations in the US.

He also proposed a threefold increase in corporate taxes in his proposed new budget, which would almost certainly be rejected by Republicans in Congress.

The White House statement said Biden wants a 25 percent minimum tax on the richest Americans.

In terms of taxes on companies, he intends to raise them to 28 percent, which eliminates the main tax breaks that were applied during the era of former President Donald Trump, the US president said in a statement.

Source: AFP.

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