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White House insists corporate tax hike still on the table in spending bill
Wealth tax would hurt efficiency of US capital market: Former WH economist
Former White House National Economic Council chief economist Joseph LaVorgna weighs in on inflation, taxes and economic policies under the Biden administration.
The White House on Thursday pushed back against a report that a proposed corporate tax hike is unlikely to make into their signature social spending bill amid party infighting and insisted that all options are still on the table.
Reuters reported Wednesday that President Biden's plan to hike the corporate tax rate to 28% from 21% was likely to be left out of the family and climate plan as lawmakers try to steer the package through Congress, a major concession to moderate Democrats.
But White House deputy press secretary Andrew Bates told FOX Business that Biden still plans to fund the final package by "having the richest taxpayers and big corporations pay their fair share."
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"There is an expansive menu of options for how to finance the President's plan to ensure our economy delivers for hardworking families, and none of them are off the table," Bates said in an emailed statement.