The Biden Administration released the Made in America Tax Plan, a companion report to the American Jobs Plan that proposed how to pay for the new investments. In addition to closing the tax gap, the Made in America Tax Plan focuses on three additional measures that would increase the taxes that corporations pay to fund new investments in both physical and human infrastructure.
The first and single biggest measure is an increase in the corporate income tax rate from 21% to 28%. The Committee for a Responsible Federal Budget (CFRB) estimates that it would generate an average of about $85 billion per year over the ten-year period covered by the American Jobs Plan. Prior to supporting the Common Sense Coalition plan President Biden had signaled a willingness to consider an increase to 25% rather than 28%, which would generate about $50 billion in new revenue.