According to the study done by the Hoover Institute at Stanford University "The combined effect of the tax provisions on the average marginal tax on capital income is calculated using a microsimulation model from the Open Source Policy Center. We find that the Biden plan includes many types of increases in taxes on capital income, which lower the incentive to invest. Among them, the most significant are an increase in the corporate rate, allowing bonus depreciation to expire, and increasing tax rates on pass through entities such as S-corporations, sole proprietorships, and partnerships."