Biden tax plan series
WE have been concerned about President Biden’s proposal to raise the federal corporate income tax rate from 21% to 28%. Lawmakers have suggested raising the rate to 25%. Including state corporate taxes, a 25% federal corporate income tax rate would result in a combined average top corporate tax rate of 29.53%t – higher than the 23.51 average among industrialized countries. The combined top corporate tax rate would be higher than in most other country in the industrialized world.
Current tax law:
- Current corporate top income tax rate is 21%.
Proposed tax changes:
- The corporate top income tax rate would be raised to 28%.
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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation.
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He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies. He published a book on “How to Avoid or Survive IRS Audits” that’s available at Amazon. Readers may email tax questions to [email protected].
