US President Joe Biden noted the corporate rate, which is currently 21%, had been as high as 35% before former President Donald Trump and congressional Republicans cut taxes in 2017.
— US President Joe Biden on Thursday suggested he was open to a corporate income tax rate between 25% and 28% to pay for his sweeping infrastructure and jobs proposal, the most concrete view he's given to date on his negotiating position.
How to pay for Biden's roughly $2 trillion American Jobs Plan has been a hotly contested topic on Capitol Hill, and Biden has said repeatedly it is something he is open to negotiating. The corporate tax hike has been met by fierce opposition by Republican lawmakers, who also take issue with the size and scope of Biden's proposal.
"We're standing here in the shadow of the I-10 Bridge, which I've gone over several times myself in the past, and it's a perfect example how we've neglected as a nation to invest in the future of our economy and the future of our people," Biden said. The plan would modernize 20,000 miles of highways and roads and repair 10,000 bridges across the country, the President said. He stressed the economic value of the bridges while also highlighting the crucial role they play in transporting first responders when disasters strike.The President said the coronavirus pandemic has exacerbated the need for the US to rebuild its foundation and invest in infrastructure in order to grow the economy, create jobs and be a global competitor.
"When it comes to bridges and roads and the like, I've never seen a Republican or Democrat road. I just see roads," Biden said.During the 2020 election, Trump vowed to improve the Calcaiseu River Bridge during a speech in Hackberry, Louisiana, acknowledging the bridge's notorious problems. Trump promised"a brand new I-10 bridge," if he won the presidential election.
He said restoring higher tax rates on the wealthiest Americans would grow the economy."Benefits everybody. Hurts nobody," Biden said.
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