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Biden to propose increasing corporate tax from 21 pct to 28 pct

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US President Joe Biden will on Wednesday propose raising corporate tax from 21 percent to 28 percent to finance an ambitious plan to invest in infrastructure.

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“The president is proposing to fundamentally reform the corporate tax code so that it incentivizes job creation and investment... and ensures that large corporations are paying their fair share,” a senior official said.

The president will unveil a plan to invest $2 trillion over eight years in national infrastructure with a focus on transport, a White House official said.

Biden will present his plan during a speech in Pittsburgh, with $620 billion budgeted to modernize the country’s transport network, including 20,000 miles (32,000 kilometers) of roads and highways.

The plan “will create millions of good-paying jobs, rebuild our country’s infrastructure, and position the United States to out-compete China,” the senior administration official said.

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