The Washington Post reported on the 20th (local time) that "high-ranking White House officials held a closed conference call with Democratic leadership today to discuss changes to the tax plan to raise the government's trillions of dollars."  The Biden administration proposed a budget for infrastructure (infrastructure) of $1.2 trillion (about KRW 1,400 trillion) and $1.7 trillion to $1.9 trillion (about KRW 2,000 to 2.2 trillion), which was reduced by half from the original plan. The scale social welfare budget plan is being promoted. The conference was attended by Treasury Secretary Janet Allen, White House National Economic Committee Chairman Brian Deeds, Senate Treasury Chairman Ron Wyden, and House Revenue Committee Chairman Richard Neal.

President Biden has vowed to raise corporate taxes to finance projected future government spending. The plan is to raise the tax rate from 35% to 21% by the Donald Trump administration to 28%. However, the corporate tax increase was reported to be excluded from the meeting. The White House seems to have taken a step back as some Democrats raised concerns that the corporate tax hike could undermine the competitiveness of American companies.

Instead, sources said that conference attendees are thinking of ways to collect more taxes from billionaires. Under the current law, even if the value of an asset increases through holding stocks, etc., it is not necessary to pay a tax on it, but from now on, a new tax will be levied on the increase in tradable assets every year. Earlier, the Democratic Party also unveiled plans to raise the top income tax rate on income over $523,000 per year from 37% to 39.6% last month.

White House Press Secretary Andrew Bates said: President Biden is committed to passing groundbreaking investments to ensure that the wealthiest taxpayers and large corporations pay their fair share and achieve economic growth that benefits Americans earning less than $400,000. 

Regarding companies, it is said that a plan to set a lower limit on corporate tax was discussed so that the minimum amount of tax would be paid even if various tax deductions or exemptions were received. He also decided to review international tax regulations to strengthen tax enforcement by the IRS and raise the minimum tax rate for multinational corporations. He will also consider levying a tax on companies that buy back their stock intending to make a profit for investors.

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