President Joe Biden plans on asking congress for $1 billion in new taxes by raising the corporate tax rate from 15 percent to 21 percent, making it over a 20 percent increase in the tax rate. He also hopes to get more revenue by creating a new 25 percent tax on Americans worth at least $100 million. He made this appeal in his SOTU Speech, claiming the tax changes are intended to force the wealthy to “pay their fair share.”
