Biden's tax hike plans would raise $2.4 trillion after energy, child credits-Treasury

  • 5/28/2021
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WASHINGTON, May 28 (Reuters) - The Biden administration’s proposals to raise taxes on corporations and wealthy Americans would increase revenues by nearly $2.4 trillion over a decade, after backing out hefty tax deductions and credits to support clean energy, children and families, the Treasury said on Friday. The Treasury said that corporate tax hike proposals, including new global minimum taxes, would lift revenues by $2.035 trillion over a decade, including $98 billion in fiscal 2022 and $195.7 billion in fiscal 2023. The estimates were contained in the Treasury’s revenue “Green Book” that accompanied Biden’s $6 trillion overall budget proposal (Reporting by David Lawder Editing by Chizu Nomiyama) Our Standards: The Thomson Reuters Trust Principles.

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