President Joe Biden is willing to go lower on his proposed corporate tax rate but is holding firm on a “big” infrastructure plan.
Biden wants …
President Joe Biden is willing to go lower on his proposed corporate tax rate but is holding firm on a “big” infrastructure plan. Biden wants to increase the corporate tax rate from 21 percent to 28 percent to help pay for his $2.2 trillion infrastructure proposal. The president told reporters after giving a speech at the White House in Washington on infrastructure on Wednesday that he’s “wide open” to going lower on the rate. “But we got to pay for this,” he added. “There’s many other ways we can do it, but I’m willing to negotiate that. I’ve come forward with the best, most rational, way in my view, the fairest way to pay for it. But there are many other ways as well, and I’m open.” The one exception on ideas Biden will accept is increasing taxes on people making less than $400,000 a year. Gina Raimondo, Biden’s secretary of commerce, told reporters during a separate briefing that Biden plans to sit down, listen, and engage with Republicans and business leaders, along with Democrats, to hammer out the final details of the infrastructure bill. “There is room for compromise, that is clear,” she said. “Our proposal is to invest in eight years and pay back over 15. Now we can have a discussion about that. Should we pay it back over 20 instead of 15? Is the rate not quite 28? Is it something lower? So we want to compromise. What we cannot do and what I am imploring the business community not to do is to say, ‘We don’t like 28. We’re walking away. We’re not discussing.’ That’s unacceptable. Come to the table and problem solve with us to come up with a reasonable, responsible plan.
