Joe Biden Proposes $1 Trillion in New Corporate Taxes

Democratic candidate would raise minimum rates on companies to pay for health-care, climate, infrastructure and education policies

In the first of a series of Wall Street Journal interviews with Democratic 2020 candidates, former Vice President Joe Biden staked out a firm argument for the virtues of continued American engagement abroad. Photo Illustration: Laura Kammermann

Democratic presidential candidate Joe Biden proposed nearly $1 trillion in new corporate taxes on Wednesday as he sought to generate more revenue to pay for his policy plans on health care, climate, infrastructure and education.

One of his new taxes would go after companies such as Amazon.com Inc. that have years when they report profits to investors but show little or no U.S. tax costs. A second would double the minimum tax rate on overseas income of U.S.-based multinationals.

香蕉视频苹果下载Until now, Mr. Biden has largely confined his ideas to rolling back parts of the 2017 Republican tax cut and pursuing policies that the Democratic Obama administration, in which he served as vice president, couldn’t get through Congress.

The new proposals come atop Mr. Biden’s previous calls for tax increases, which would push the corporate tax rate to 28% from 21%, tax unrealized capital gains at death and push the top rate on individuals to 39.6% from 37%.

Mr. Biden’s proposed tax increases now total $3.2 trillion over a decade, though his campaign confirmed on Wednesday that he also supports repealing the $10,000 cap on the state and local tax deduction, a tax cut that would disproportionately benefit some of the high-income households who would be hit by his tax increases.

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