Commentary President Joe Biden has proposed $4 trillion in tax increases on American families and businesses. While Biden touts his tax hike plan as a way to ensure corporations “pay their fair share,” the proposal will harm the U.S. economy at a time that it is recovering from the Coronavirus pandemic. These tax hikes will make American a more uncompetitive place to do business, send jobs overseas, trigger a return of corporate inversions, and make it easier for foreign businesses to acquire U.S. companies. The Biden plan tax hike calls for raising the corporate rate from 21 percent to 28 percent, proposes a new global minimum tax on American businesses, and creates a 15 percent tax on “book income.” These tax hikes would be devastating to American businesses and would see U.S. businesses pay a 32 percent rate after state taxes, one of the highest rates in the developed world. For instance, the U.S. …