The Biden administration will likely revisit the Tax Cuts & Jobs Act, the outgoing administration’s signature legislative achievement enacted in 2017, to free up money for infrastructure and other priorities, analysts say.
Expect the top corporate tax rate to rise to 28%, from 21%, and a new 15% minimum tax on book income for companies with net income of more than $100 million but owe no U.S. income tax, effectively an alternative minimum tax on companies.
