Democratic presidential candidate Joe Biden has proposed more than $3.2 trillion in taxes over 10 years to help pay for his policy proposals, including healthcare, Bloomberg News reported.
Bloomberg News obtained a copy of the former vice president's plan, which includes $1 trillion in corporate tax increases. Among the various increases, $730 billion will be generated by increasing the corporate tax rate to 28 percent from 21 percent; $400 billion will be generated by targeting companies like Amazon that report profits but pay little in taxes; and an estimated $340 billion would come from doubling the minimum tax rate on income companies make abroad, according to the report.
In addition to Mr. Biden's other tax proposals, like rolling back the 2017 tax cuts, the full package would generate an estimated $3.2 trillion over a decade, according to the report. These revenues would fund his policy plans, including his healthcare plan, which is estimated to cost $750 billion.
In comparison, one of his rivals in the presidential primaries, Sen. Elizabeth Warren, D-Mass., plans to spend $20.5 trillion over the next decade on healthcare.
Read the full story here.
More articles on leadership and management:
Warren legislation would block $40B+ companies from making acquisitions: 5 things to know
Trump would lose just 2 percent of voter base if he supported 'Medicare for All'
Rhode Island Hospital president to leave amid Lifespan losses