And the revenues these permanent changes would raise would begin to restore the nation’s eroded revenue base so that it can support the needs of a 21st century economy that broadens opportunity, supports workers and those out of work, and ensures health care for everyone. These changes would leave the corporate rate still significantly below its previous level of 35 percent, which President Trump and a Republican-run Congress cut to 21 percent in the 2017 tax law. multinational corporations to shift profits and investments overseas. In outlining his vision for the first of a two-part recovery package, President Biden proposed roughly $2 trillion of infrastructure, research and development, and other investments, financed over 15 years by raising the corporate income tax rate from its current 21 percent to 28 percent and reforming our international tax system to raise revenue and reduce incentives for U.S. Policymakers will likely seek to finance recovery legislation through federal borrowing as well as tax increases on wealthy individuals and profitable corporations. As Washington turns its attention from providing short-term relief to millions of struggling people through the American Rescue Plan Act to building an equitable recovery for the long term, policymakers have an historic opportunity to rebuild the nation’s infrastructure and to begin addressing its long-standing economic and racial disparities that COVID-19 and the economic fall-out both highlighted and exacerbated.
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