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U.S. President Joe Biden’s spending plans have been grabbing headlines, and rightly so. The administration’s relief package and infrastructure plan could remake the U.S. welfare state by bolstering the social safety net and increasing spending on transportation, broadband, and education.

But with U.S. government spending likely to remain high after the COVID-19 pandemic, tax revenues must increase, because additional borrowing can finance only so much. Hence, the Biden administration has proposed the equally sweeping Made in America Tax Plan, which would increase corporations’ share of tax revenues.

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