NEW YORK - U.S. Democratic presidential candidate Joe Biden would use taxes on the wealthy and corporations to pay for $3.2 trillion in promised investment in infrastructure, higher education and healthcare, according to an outline of his plans if he captures the White House.
Biden's campaign team estimates his minimum tax of 15% on the income the most profitable companies report on their books would raise $400 billion, which would help pay for a $1.7 trillion investment to pay for proposed climate change and other infrastructure development. Companies can lower their tax bills in a number of ways, including by taking credits for making certain investments or reporting losses to tax collectors years after they took place.
U.S. Senator Elizabeth Warren, for example, has proposed spending $20.5 trillion over a decade on healthcare alone to implement a Medicare for All system that she said would lower costs and improve care. That would also be paid for partly by raising taxes on the wealthy and corporations.