Biden is open to negotiating on the corporate tax increase, but assured that The United States must take bold action with its infrastructure
Photo: JIM WATSON / AFP / Getty Images
President Joe Biden said Wednesday that is willing to negotiate on the proposed rate increase. corporate taxes on your $ 2 infrastructure plan. 25 billions of dollars.
“I’m willing to hear that,” Biden said at the White House when asked if he would consider a lower corporate tax rate than the 28%, as currently required by your plan .
“We have to pay for this,” added Biden, noting that there are “lots of other ways we can do it. But I’m willing to negotiate that, ”he said.
The president’s comment on the corporate tax rate came after delivered a comprehensive defense of the size and scope of his infrastructure reform proposal .
This afternoon, I’m delivering remarks on the historic infrastructure investments in the American Jobs Plan. Tune in. https://t.co/oxOiRtLI8C
– President Biden (@POTUS) April 7 , 2021
Republicans have been quick to criticize the plan for funding too many projects that, in their view, fall outside the definition of infrastructure.
The minority leader in the Senate, Republican Mitch McConnell, has tried to label the plan a “Trojan horse” for liberal politics, and Other Republican lawmakers have claimed that only a small fraction of the huge bill goes to “real infrastructure.”
But Biden He argued Wednesday that “the idea of infrastructure has always evolved to meet the aspirations of the American people and their needs. And it’s evolving again today. ”
He stated that he is open to ideas on how to finance the plan , with an exception : “I will not impose any tax increases on people who earn less than $ 400, dollars per year. ”
Biden has proposed raising corporate taxes to fund his plan, which has sparked criticism not only among Republicans, but also among Democrats.
The president said: “We are America. We don’t just fix for today. We build for tomorrow ”
We are America.
We don’t just fix for today.
We build for tomorrow.
– President Biden (@POTUS) April 7, 2021
This Wednesday, The Treasury Department recommended in a report by 19 pages a corporate tax hike to raise $ 2.5 trillion over 15 years.
A difference from the $ 1.9 trillion economic stimulus package approved in March by Congress, the cost of which has been added to the national debt, The White House seeks this time that taxes on companies finance the infrastructure plan.
Biden wants to move forward with the initiative despite the fact that The narrow majority of his party in the Senate forces him either to have Republican support or to resort to exceptional legislative mechanisms.
Biden’s proposal, called American Jobs Plan, includes approximately $ 2 trillion in spending over eight years. The White House offered a path of 07 years to fund the plan, in part increasing the corporate tax rate by 28%. Republicans had cut the tax on the 35% to the 21% as part of the tax law of 2017 of the former president Donald Trump.
The plan Infrastructure would also implement other measures, such as increasing the global minimum tax for multinational corporations.
With information from CNBC and Agencia EFE