President Joe Biden’s tax plan will feature higher levies on corporations and wealthy Americans, with relief eyed for middle-class households, including those in the US$110,000 ($147,968)-a-year income range, a White House economic aide said Tuesday.

“The key here is that the president believes strongly that the biggest corporations and those folks who have done extremely well over the last several decades should pay a bit more,” Bharat Ramamurti, deputy director of the National Economic Council, said Tuesday in an interview with Bloomberg Television.

One aim of Biden’s coming tax program will be to encourage large businesses and multinational corporations to boost their investments in the US, Ramamurti said. Wealthy individuals who have profited even during the Covid-19 crisis will be targeted for higher levies, he said.

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