During his speech on the ‘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%. 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.”
Biden said he won’t budge on his promise to not raise taxes on people making less than $400,000, although if the administration does not renew the Trump Administration’s 2017 tax cut, it will expire and taxes on middle and lower-class Americans will increase to their previous levels.
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