The president has faced opposition that not only includes Republicans and the business and corporate union, even some members Democrats question his proposal. Despite this, the president publicly assured that he is willing to negotiate with opponents, but will not remove his finger from the line of fair tax payments
Photo: Drew Angerer / Getty Images
President Joe Biden defended the arguments in favor of his new spending proposal of more than $ 2 trillion , challenging those who oppose his plan and the taxes that would be raised to pay for it .
The president faces opposition from Republicans, businesses, and even some Democratic members by key elements of the proposal, which must be approved by Congress to become a reality.
Despite the fact that the president tried to put opponents on the defensive in a speech in which he explained to his critics that should explain why it is acceptable that 91 of the corporations paid zero in federal taxes in 2019 , had to give in.
Biden said or publicly that he is willing to reduce the proposed corporate tax increase included in his spending proposal of nearly $ 2.3 trillion amid pushback from Republicans and some moderate Democrats.
“I’m willing to listen,” Biden said when asked at the White House whether you would consider a corporate tax rate lower than 28%. “I am open. But we have to pay for this. There are many other ways we can do it. But I am willing to negotiate. ”
The plan consists of making a series of investments over eight years in roads and bridges, home remodeling, expansion of internet access, care for the elderly, development of national manufacturing and construction of high-speed trains .
Most of the financing would come from an increase in the corporate tax rate at 28%, from the 21% established by the tax law of 2017 of then President Donald Trump.
The Secretary of Biden Commerce, Gina Raimondo, stated that “there is not a single piece of evidence to show that the cuts in 2017 increased growth or productivity. ”
The Secretary of Commerce added said that “the fact of the matter is that today’s corporate structure is broken.”
Biden’s plan will also increase taxes on corporate profits in the abroad and introduces a new minimum tax on earnings that they report to investors.
“ The world’s largest companies, including Amazon, used various loopholes to avoid paying a single penny in federal income taxes , ”Biden said when he filed the plan. “I don’t want to punish them, but that’s wrong.”
Also it may interest you: Amazon Founder Supports Biden Tax Increase and Infrastructure Plan
We recommend you
