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Biden Turns to Taxes on Corporations, Millionaires to Pay for Agenda

Biden Turns to Taxes on Corporations, Millionaires to Pay for Agenda

WASHINGTON—President Biden outlined $1.85 trillion in proposed tax increases and other revenue generators on Thursday to pay for his social and climate agenda, offering a hodgepodge of strategies designed to navigate red lines set by the administration and congressional Democrats.

The plan relies on a 15% corporate minimum tax, surtaxes on the very highest earners, tougher tax enforcement and higher taxes on U.S. companies’ foreign earnings.

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