President Joe Biden will announce Thursday that he has reached a deal with Senate Democratic holdouts on a $1.75 trillion social spending and climate bill, according to senior administration officials.
The plan, if passed, will impose a 15% minimum tax on corporate profits by large corporations, adopt the 15% minimum global tax brokered by Treasury Secretary Janet Yellen, and apply a 5% surtax rate on individual income above $10 million.
That rate would rise another 3% on income above $25 million. The Democrats’ plan also includes a 1% surcharge on corporate stock buybacks.
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