Biden proposed raising the corporate tax rate from 21 percent to 28 percent, a scheme that will likely burden both large and small businesses.
While the term “corporation” is widely used to depict large companies such as Microsoft, Walmart, and McDonald’s, C-corporations are both small and large businesses, the most prevalent of corporations. Individual shareholders of C-corporations already have profits taxed both on a corporate and personal level .
“The Budget would set the corporate tax rate at 28 percent, still well below the 35 percent rate that prevailed prior to the 2017 tax law,” the proposal reads.
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