Skip to main content
Gifts from The Morning Star
Does Biden's global minimum corporation tax plan signal the end of neoliberalism?
PRABHAT PATNAIK looks into the US's revival of social democratic economics
Indian farmers burn an effigy of Indian Prime Minister Narendra Modi in protest against the new agricultural laws that will leave them at the mercy of big often foreign corporations

FOLLOWING its $1.9 trillion Covid relief package, the Biden administration has further announced an infrastructure package of $2.3 trillion.

But in contrast to the former which is to be spent within months, the latter is to be spent over an eight-year period. And this package in turn is to be followed by a “human infrastructure” package. All this adds up to a massive stimulus for the economy as well as a massive redistributive programme, especially since the infrastructure package is proposed to be substantially financed through an increase in corporate tax rates.

Donald Trump had reduced corporate tax rates in the US from 35 per cent to 21 per cent, and Biden wants to raise the tax rate to 28 per cent, not immediately of course but over a period of time.

The 95th Anniversary Appeal
Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
Similar stories
Kerala
Features / 27 May 2025
27 May 2025

Under Modi’s hard-right regime, India is going backwards — but not in the state of Kerala, where the communist-led government continues to deliver remarkable results in infrastructure, economic growth, healthcare, welfare, education, science and social harmony, reports PEOPLE’S DEMOCRACY

ARMS INDUSTRY: Soldiers pose for the media during
the presen
Features / 11 April 2025
11 April 2025
Despite the US withdrawal from Ukraine and economic self-harm from sanctions, European centrists maintain their bellicosity to justify military spending and distract from neoliberalism's failures, writes PRABHAT PATNAIK
Rachel Reeves and her Treasury team prepare to leave 11 Down
Features / 22 February 2025
22 February 2025
In his first of a new monthly economics column MICHAEL BURKE argues that public-sector investment is more effective, more productive than private-sector investment
UNWELCOME PRESENCE: US President Donald Trump at Mar-a-Lago
Features / 20 February 2025
20 February 2025
VIJAY PRASHAD examines why in 2018 Washington started to take an increasingly belligerent stance towards ‘near peer rivals’ – Russa and China – with far-reaching geopolitical effects