Epoch Times: Biden Administration Eyes Raising Corporate Tax Rate to Pay for Stimulus

The tax cuts of 2017, which was signed into law by President Donald Trump, reduced the corporate income tax rate to 21 percent from 35 percent beginning in 2018. It also reduced the tax rates for pass-through businesses and individuals.

Progressives criticized the cuts, calling it a giveaway to the rich and corporations. The Institute on Taxation and Economic Policy, a left-leaning think tank, found that 71 percent of the benefits of tax reform in 2018 went to the richest 20 percent with about a quarter going to the top 1 percent.

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