Biden says company tax fee needs to be between 25% and 28%
President Joe Biden comments on his American employment plan near the Calcasieu River Bridge in Lake Charles, Louisiana, United States on May 6, 2021.
Jonathan Ernst | Reuters
WASHINGTON – President Joe Biden said Thursday he would see a corporate tax rate “between 25 and 28” percent, setting a new milestone in ongoing negotiations on a major infrastructure bill.
“The way I can pay for this is by making sure the biggest companies don’t pay zero and cutting costs [2017 corporate] Tax cut to 25-28, “Biden said at an event in Louisiana.” That’s a few hundred billion dollars and we can pay for these things. “
The remarks were the first time Biden explicitly acknowledged that his original proposal to raise the corporate tax rate from 21% to 28% shifted in the wake of negotiations on the massive infrastructure bill.
This is a developing story. Please check again for updates.