Raising the U.S. corporate tax rates is crucial for investing in the national economy and ensuring that the country is competitive in a global marketplace, Treasury Secretary Janet Yellen told Congress one day after the White House released its budget.
President Joe Biden unveiled the fiscal year 2024 budget on Thursday, proposing a 28 percent corporate tax rate, up from the current 21 percent. The administration estimates that it would generate $1.326 trillion in revenues.
If enacted, the United States would have one of the highest corporate tax rates among advanced economies, only behind Japan (30.62 percent), Australia (30 percent), and Germany (30 percent). It would also be higher than China’s 25 percent level….