Home » Biden opens door to lowering corporate tax hike in $2.25T spending proposal
Biden opens door to lowering corporate tax hike in $2.25T spending proposal
Biden admin has ‘lurched this country dramatically to left’: Marc Short
Marc Short, Advancing American Freedom co-chair and former chief of staff to Mike Pence, discusses the Biden administration’s policies and Pence’s new advocacy group.
President Biden on Wednesday said he is willing to lower the proposed corporate tax increase included in his nearly $2.3 trillion spending proposal amid pushback from Republicans and some moderate Democrats.
"I'm willing to listen to that," Biden said when asked at the White House whether he would consider a corporate tax rate lower than 28%. "I'm wide open. But we've got to pay for this. There are many other ways we could it. But I'm willing to negotiate that."
The president's comments came during remarks he delivered about the need for Congress to pass his eight-year initiative, dubbed the American Jobs Plan, that would make massive investments in the nation's roads and bridges, as well as transit systems, schools and hospitals. Biden proposed paying for the measure by raising the corporate tax rate to 28% from 21% – reversing part of Republicans' 2017 tax cuts – and increasing the global minimum tax on U.S. corporations to 21% from 13%.
MANCHIN REJECTS BIDEN'S CORPORATE TAX HIKE
But the plan has drawn a swift rebuke from Republicans in addition to some members of Biden's own party, who have raised concerns that the tax increases included in the measure could derail the economy's recovery from the pandemic and hurt U.S. competitiveness abroad.