Former President Donald Trump’s campaign said Monday that President Joe Biden’s proposal to hike the corporate tax rate would result in the loss of 1 million jobs.
In his $7.3 trillion budget proposal for the 2025 fiscal year, Biden wants to raise the corporate tax rate on billion-dollar companies from 15% to 21% and the overall corporate tax rate to 28%, CNBC reported Monday. He also wants a minimum 25% tax on the unrealized income of the wealthiest households.
“Raising the corporate tax rate to 28% would result in an immediate loss of approximately 1 million American jobs over the first two years, and 600,000 jobs every year over the next 10 years,” Trump’s campaign said in a news release on its website.
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