Connect with us

Hi, what are you looking for?

The Smart Citizen Report

BREAKING NEWS

Biden willing to negotiate on corporate taxes, but ‘sick and tired’ of non-payers

imageEconomy55 minutes ago (Apr 07, 2021 04:45PM ET)

(C) Reuters. U.S. President Joe Biden delivers remarks on the state of the coronavirus disease (COVID-19) vaccinations

By Jeff Mason and Trevor Hunnicutt

WASHINGTON (Reuters) -President Joe Biden on Wednesday made a fiery appeal for U.S companies to foot the bill for his $2 trillion-plus infrastructure plan, but signaled an openness to negotiate how big their tax bill should be.

“I’m willing to negotiate that,” he told reporters. “But we’ve got to pay for this.”

Biden faces stiff opposition from Republicans, major corporations and even some in his own Democratic Party to key elements of the proposal he laid out a week ago, which must be approved by Congress to become a reality.

The president said he would not accept making no changes at all on taxes and infrastructure spending, arguing the United States’ position as a pre-eminent global power was under threat from China if it could not make the investments he outlined.

“Do you think China is waiting around to invest in its digital infrastructure, on research and development?” Biden asked. “I promise you. They are not waiting. But they’re counting on American democracy to be too slow, too limited and too divided to keep pace.”

He added: “We can’t afford to prove them right.”

The president’s plan makes investments over eight years in building roads and bridges, retrofitting homes, expanding broadband internet access, caring for the elderly, financing domestic manufacturing and building high-speed rail.

Biden has proposed that the plan not add to the country’s debt in the long run. The largest share of funding would come from an increase in the corporate tax rate to 28%, from the 21% levy set by then-President Donald Trump’s 2017 tax cut.

The administration released more details on Wednesday about the tax components of the plan, which also include higher levies on companies’ overseas earnings, a new minimum tax on the profits companies report to investors and funding for more Internal Revenue Service enforcement officials.

Those efforts, dubbed the “Made in America Tax Plan,” would raise $2.5 trillion over 15 years, the Treasury Department said.

The business lobby and Republicans have been withering in their criticism of the funding side of the proposal.

The U.S. Chamber of Commerce last month called raising corporate taxes “dangerously misguided” and a drag on growth.

In a speech at the Eisenhower Executive Office Building near the White House, Biden countered by taking aim at companies paying little to nothing in federal taxes.

“I’m not trying to punish anybody, but damn it – maybe it’s because I come from a middle-class neighborhood – I’m sick and tired of ordinary people being fleeced,” he said.

Individual taxpayers, whose taxes are deducted from their paychecks, make up a big chunk of U.S. federal government funding.

Amazon.com Inc (NASDAQ:AMZN) Chief Executive Jeff Bezos said on Tuesday that he supports hiking the U.S. corporate tax rate as part of an infrastructure overhaul.

But the carefully worded statement stopped short of endorsing any specific tax or spending proposal made by Biden.

Biden willing to negotiate on corporate taxes, but ‘sick and tired’ of non-payers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Join Our Time-Limited Free Subscription! Get Latest Trading Ideas, Business Info and Market Stocks.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Editor's Pick

 Going Full Liberal In response to the arrest of a man who walked into a cafe holding a baseball bat and screaming through a megaphone, a...

Editor's Pick

Going Full Liberal The liberal plan?  Get the body count as high as possible to hurt Trump.  These people are disgusting. Last week, the...

Editor's Pick

Going Full Liberal More trouble for creepy Joe. An extensive new survey by Morning Consult of nearly 28,000 registered voters presents some troubling numbers for the...

Editor's Pick

Going Full Liberal Liberal brilliance on full display. New York City appears to have experienced a surge in shootings this week after the New...

Editor's Pick

Going Full Liberal In the past few weeks, demonstrators — mobs, really — have destroyed or defaced the following statues across the United States....

Editor's Pick

Going Full Liberal The Justice Department released Peter Strzok notes from 1/4/2017 regarding the Flynn-Kislyak calls. Last month it was revealed 2020 Democrat presidential...

Editor's Pick

Going Full Liberal National Public Radio (NPR) posted a tweet Saturday urging every reader to begin “decolonizing your bookshelf.” According to NPR, “white voices...

BREAKING NEWS

Crude oil prices plunged sharply on Thursday, extending losses to a fifth session, amid concerns about the outlook for energy demand. The coronavirus has...

Disclaimer: TheSmartCitizenReport.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.

The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

© Copyright 2021,TheSmartCitizenReport.com All Rights Reserved