During his speech on the so-called ‘American Jobs Plan’ in the South Court Auditorium of the White House on Wednesday, President Joe Biden defended his plan to raise the corporate tax to help pay for his $2 trillion infrastructure package– but said he’s willing to compromise with Republicans on how high.
The Biden administration has proposed raising the corporate tax rate from the 21% established by Republicans’ 2017 Tax Cut and Jobs Act to 28%, which would still be lower than what it was between World War II and 2017. The White House said the tax hike would fund the infrastructure plan within 15 years and would be combined with plans to discourage firms from listing tax havens as their address and offshoring profits.
Biden said of his infrastructure and jobs plan: “We have to pay for this. But I’m willing to negotiate that.” However, Biden said he won’t budge on his promise to not raise taxes on people making less than $400,000, adding, “I’m open to ideas about how to pay for this plan, with one exception. I will not impose any tax increases on people making less than $400,000 a year. If others have ideas out there on how to pay for this investment, without violating that rule, they should come forward.”
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