Fact check: Did Biden's tax plan reverse any of Trump's tax cuts for corporations?

1. Summary of the results

The analyses provided suggest that Biden's tax plan does propose to reverse some of Trump's tax cuts for corporations ^[1]. Specifically, the plan aims to raise the corporate tax rate from 21% to 28%, which is a reversal of the Trump administration's tax cuts for corporations ^[2]. This proposal could be seen as a partial reversal of Trump's tax cuts, as it would increase the corporate tax rate, but not completely eliminate the cuts ^[3]. The plan would also impose a 25% minimum tax on certain high-income individuals and increase the corporate alternative minimum tax from 15% to 21% ^{[1] [2]}. However, some sources argue that the plan may have a negative impact on small and family-owned businesses that benefited from Trump's tax cuts ^[4].

2. Missing context/alternative viewpoints

Some sources do not directly address the reversal of Trump's tax cuts for corporations, instead focusing on the benefits of the tax cuts for workers, families, and small businesses ^[5]. Others discuss the potential for Congress to extend or modify the Tax Cuts and Jobs Act (TCJA), including the corporate tax rate, but do not specifically address Biden's tax plan ^[6]. Additionally, some sources provide an overview of the TCJA and its impact on business taxes without mentioning Biden's tax plan or any reversals of Trump's tax cuts for corporations ^[7]. It is also important to consider the potential impact of Biden's tax plan on different groups, including top earners and executives, who may have largely benefited from the corporate tax cut in the 2017 tax law ^[8], as well as small and family-owned businesses. Furthermore, the fact that the corporate tax cut has largely benefited top earners and executives, rather than workers, is a crucial context to consider when evaluating the potential effects of Biden's tax plan ^[8].

3. Potential misinformation/bias in the original statement

The original statement may be misleading or incomplete, as it does not provide context about the specific provisions of Biden's tax plan or the potential impact on different groups ^{[3] [1]}. Some sources may have a bias in favor of Trump's tax cuts, presenting them as beneficial for workers, families, and small businesses without acknowledging the potential benefits of reversing the cuts ^[5]. On the other hand, sources that argue in favor of Biden's tax plan may have a bias against Trump's tax cuts, presenting them as primarily benefiting top earners and executives ^[8]. It is essential to consider multiple viewpoints and evaluate the evidence presented by each source to form a comprehensive understanding of the issue ^{[3] [1] [2]}. The presentation of Biden's tax plan as a reversal of Trump's tax cuts for corporations may benefit the Democratic Party, as it frames the plan as a correction to the previous administration's policies ^[1]. Conversely, the presentation of Trump's tax cuts as beneficial for workers, families, and small businesses may benefit the Republican Party, as it frames the cuts as a successful policy initiative ^[5].