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Biden says 25% to 28% corporate tax rate could pay for investments

Published 05/06/2021, 03:14 PM
Updated 05/06/2021, 03:41 PM
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks after a meeting with his COVID-19 Response Team on the coronavirus disease (COVID-19) pandemic and the state of vaccinations, on the White House campus in Washington, U.S., March 29, 2021. REUTERS/Jon

LAKE CHARLES, La. (Reuters) -U.S. President Joe Biden said a corporate tax rate between 25% and 28% could help pay for some badly needed investment projects, suggesting he could accept a lower rate than what he has proposed.

"The way I can pay for this, is making sure that the largest companies don't pay zero, and reducing the (2017 corporate) tax cut to between 25 and 28," Biden said during a visit to Lake Charles, Louisiana.

© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks after a meeting with his COVID-19 Response Team on the coronavirus disease (COVID-19) pandemic and the state of vaccinations, on the White House campus in Washington, U.S., March 29, 2021. REUTERS/Jonathan Ernst

In his $2.3 trillion infrastructure plan, Biden proposed raising the corporate tax rate to 28% from 21%.

"What I'm proposing is badly needed" and will be paid for, Biden said. "Trickle down ain't working very well. We've got to build from the bottom up and the middle out."

Latest comments

says the vegetable in chief..
then don't blame companies moving to china and india
It was 21% and he was going to raise it to 28%. Now SOMEWHERE between 25% and 28%. Who knows what it will end up.  Mommas, raise your babies to be Tax Accountants - they will always have plenty of work.
joe has no clue.. most taxes are government sanctioned theft..
Cool for Europe. Large companies can relocate their activities! Thanks Biden. You are the man for the job ...
Execution of tax raise is bullish for USD
Its funny how they think big corporations Will invest There profits elsewhere and show a minimal amount to be taxed
Anybody who knows anything about basic economics - so not leftists - knows that raising tax on businesses does not hurt businesses and wealthy people, it primarily hurts the middle and lower class. Businesses just raise the cost of goods and/or decrease salaries/workforce. Businesses can easily compensate at the expense of consumers and workers, There is a reason that the most left-leaning states such as California have up to 86% higher cost of living rise compared to the rest of the nation. But it makes sense, considering Biden also thinks that reducing the amount of nicotine would make people smoke less cigarettes. Not the sharpest tools in the shed voting for democrats.
Correction, large globalist businesses can easily compensate. It is more difficult for small business owners. Globalist competitors like China will also absorb all the business that is driven overseas. There is a reason not long ago you had the Fed coming out saying that they want to collude with other countries to set a minimum global tax rate on businesses, to push their communist practices on the entire world making everybody government dependent.
4% to 7% Employee Reduction
Cost of living up, employee salaries and workforce down. More people government-dependent and on welfare. Meanwhile rich get richer. Just like the democrats in power like.
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