President Joe Biden on Monday defended his proposal to raise corporate taxes to help pay for his infrastructure spending plans, saying he was not anxious the hike would harm the economy and that there was no evidence it would drive business overseas.
The Democratic president once again took aim at the 50 or 51 corporations on the Fortune 500 list that paid no taxes at all for three years, saying it was time for them to pay their share. While he would not comment on the specifics of the president's proposal to raise the USA corporate tax rate from 21% to 28%, he said he wanted to go through the plan in much more detail than he has so far. It's similar to Mr. Biden's own proposal, but the lawmakers left the door open on the tax rate - be it matching the USA corporate tax rate or setting it slightly lower, as the president has proposed, at 21%.
Billed "The American Jobs Plan", Biden's proposal would heavily invest in rebuilding the nation's crumbling infrastructure and shift to greener energy over the next eight years.
His comments come after Senator Joe Manchin also said Monday that he does not support increasing the corporate tax rate to 28%.
Such a global tax could help prevent the type of "race to the bottom" that has been underway, Yellen said, referring to countries trying to outdo one another by lowering tax rates in order to attract business. Biden's aides have estimated that his worldwide tax proposals could raise more than $600 billion over the course of 10 years.
"This will be all part of the discussion", Psaki said, which she characterized as in early stages. "That will all need to be weighed ... with leaders in Congress".
Roy Blunt chairman of the Senate Republican Policy Committee
Speaking to reporters after arriving back in Washington after a weekend at the presidential Camp David retreat in Maryland, Biden also said there was "no evidence" his proposed corporate tax increase would drive companies away from the United States. He would be more bipartisan in crafting legislation and unifying the country.
Biden said other countries were investing billions and billions of dollars in infrastructure, and the United States needed to do so to boost its competitiveness.
"So we're going to have some leverage here", Manchin said Monday. "We have to be competitive, and we're not going to throw caution to the wind".
The think-tank study concluded that "the economy would be better off if the $2 trillion in taxes that President Biden wants to finance his package were left in the hands of the private sector".
Their plan also aims to create incentives to invest in innovation in the United States rather than offshoring factories, restoring full credits for domestic investments and curtailing the largest corporations from eroding the US tax base.
A spokesperson for Senate Majority Leader Chuck Schumer (D-N.Y.) said late Monday that the parliamentarian's advisory ruling "allows Democrats additional tools to improve the lives of Americans if Republican obstruction continues".
MSNBC erroneously reported Capitol attacker as 'white male'
Green, of IN , who had not been on law enforcement's radar. "The man exited the vehicle with a knife and ran toward our officers". Evans, had been a member of the USCP for 18 years and was a member of the Capitol Division's First Responder's Unit.