On Wednesday, April 7, 2021, President Joe Biden delivered a speech at the “American Employment Program” event held in the South Court Auditorium on the White House campus.
Evan Vucci | Associated Press
President Joe Biden said on Wednesday that he is willing to negotiate the proposed corporate tax hike in his $2 trillion infrastructure plan.
When asked whether he would consider reducing the corporate tax rate to less than 28% in accordance with the requirements of his plan, Biden said at the White House: “I would like to listen.”
Biden added: “We have to pay for this.” He pointed out, “There are many other ways to do this.”
He said: “But I am willing to negotiate.”
The president’s remarks on corporate tax rates came after he fully defended the scale and scope of the proposed infrastructure overhaul.
Republicans quickly criticized the plan to fund too many projects, which they felt was beyond the definition of infrastructure. Senate Minority Leader Mitch McConnell (R-Ky.) tried to label the plan a “Trojan horse” of liberal policies, while other Republican lawmakers claimed that only a small part of the huge bill was used for ” Physical infrastructure”.
But Biden argued on Wednesday afternoon that “the idea of infrastructure has been evolving to meet the wishes and needs of the American people. And it continues to evolve today.”
The president said he welcomes debate on the details of the bill, and said that “any Republican who wants to complete this work” is invited to the White House.
But he pointed out that his own view is that infrastructure reform should be carried out in consideration of the future, rather than focusing on repairing existing structures.
Biden said: “We don’t just work for today. We work for tomorrow.”
President Bush said: “This is not a plan. It is a once-in-a-lifetime investment in the United States. This is different from everything we have done since we built the interstate highway system and won the space race for decades.”
He said: “This plan has enabled thousands of Americans to work hard to solve the damage our country has suffered: tens of thousands of miles of roads and highways, thousands of bridges are in urgent need of repair. This is also the blueprint for the infrastructure needed for tomorrow. .”Add to.
Biden’s proposal is called the “U.S. Jobs Program,” which includes approximately $2 trillion in expenditures over eight years. The White House has provided funding for the program for 15 years, in part by increasing the corporate tax rate to 28%. As part of former President Donald Trump’s 2017 tax law, Republicans have cut the tax rate from 35% to 21%.
The infrastructure plan will also implement other measures, such as raising the global minimum tax rate for multinational companies and closing so-called offshore loopholes to raise funds.
Biden said: “Building tomorrow’s infrastructure requires a lot of investment today.” “The current differences should not prevent us from doing the right thing for the future.”
Within weeks after Biden signed a $1.9 trillion coronavirus relief bill into law, he embarked on an ambitious and costly plan to update the US infrastructure. The plan passed Congress without Republican support. It may become more difficult for the White House to convince Republicans to support another huge bill that also includes tax increases.
But Biden is also facing pressure from West Virginia Democratic Senator Joe Manchin, who has emerged with a 28% corporate tax rate. With a 50:50 score between the two parties in the Senate, Manchin’s vote may play a big role.