Here’s how the Biden tax plan would affect each U.S. state – By Adriana Belmonte (Yahoo Finance) / Oct 29 2020
Presidential candidate and former Vice President Joe Biden has said that he wants to lower taxes for the middle class.
His plan would raise the corporate tax rate to 28%, require a true minimum tax of 21% on all foreign earnings on U.S. companies, levy a tax penalty on corporations that move jobs overseas, place a 15% minimum tax on book income, raise the top individual income tax rate to 39.6% (the current maximum is 37%), and require those who make more than $1 million annually to pay the same rate on investment income as they do on their wages.
Biden’s plan would generate over $289 billion in tax revenue, according to research from the Institute on Taxation and Economic Policy (ITEP). About 1.9% of the U.S. population would see an increase in taxes.
The ITEP data broke down the impact by state. Population has a major impact on the overall total in tax increases.
Continue to article: https://www.yahoo.com/money/biden-tax-plan-would-affect-each-us-state-144853554.html
