Increasing the corporate tax rate eight percent will not drive companies out of the United States, President Joe Biden said Monday as he vowed not to negotiate on the proposed increase with Republicans.
"The tax was 36 percent, and it's now down to 21 percent. The idea that that-it's bizarre, we're talking about a 28 percent tax that everybody thought was just fair enough for everybody," he said.
Biden's $2 trillion infrastructure plan includes raising the corporate tax rate from 21 percent to 28 percent.
Biden also wants to impose a 15 percent minimum tax on large companies.
The tax increases would fully pay for the plan in 15 years, the Biden administration claims.
"What the president proposed this week is not an infrastructure bill. It's a huge tax increase, for one thing. And it's a tax increase on small businesses, on job creators in the United States of America," Sen. Roger Wicker, the ranking member on the Senate Commerce, Science, and Transportation Committee, said on NBC's "Meet the Press" on Sunday.
One analysis found no evidence "Of widespread benefits of any kind resulting changes in corporate behaviors" due to the lower corporate tax rate, though House Republicans said last year the rate cut spurred job creation and economic growth.
https://www.theepochtimes.com/biden-higher-tax-wont-drive-corporations-away_3762923.html
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