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Biden won’t be able to raise the corporate tax rate to 28%: CFO survey

Source: cnbc.com - Dec 2, 2020

Wall Street’s post-election rally and the Dow Jones Industrial Average rise to a new record above 30,000 is a bet that, among other things, a divided government during a Biden administration will be a good for corporations. One of the key “goldilocks” conditions: President-elect Joe Biden’s plan to raise corporate taxes to 28% as part of a repeal of the 2017 Trump tax cuts will not be likely in the new Washington, D.C., political reality.

Chief financial officers of North America-based multinational corporations agree with the Wall Street assessment of tax policy, according to the Q4 CNBC Global CFO Council Survey, completed shortly after the election.

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Category: General Business