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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.

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