Republicans dangle 'easy' win for trimmed Biden plan

06 Avril, 2021, 03:05 | Auteur: Anatole Charbonneau
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   Republicans hang on to Biden as an ‘easy win’ over a crumbling investment plan

Republican Senator Roger Wicker of MS joined others in his party in trying to cast Biden's plan as a tax hike rather than an effort to fix and rebuild the country's transportation, communications, water and electrical networks.

The proposal could raise hundreds of billions of dollars from companies that operate across global borders, according to analyses of similar proposals by congressional scorekeepers. It also creates new incentives through the tax code for companies to invest in research and manufacturing in the country. His predecessor as president, Donald Trump, and Republican lawmakers cut the corporate rate from 35% to 21% in 2017.

Those measures mirror the Biden administration's ambitions on worldwide taxation. Separately on Monday, Treasury Secretary Janet L. Yellen called for global coordination on an worldwide tax rate that would apply to multinational corporations regardless of where they locate their headquarters. He wants to fund his project by raising the corporate tax rate from 21% to 28%.

During the interview, Manchin suggested that while he's against raising the corporate tax rate to 28%, he may be able to support raising it to 25%, citing the need to maintain America's market competitiveness.

"Competitiveness is about more than how US -headquartered companies fare against other companies in global merger and acquisition bids", Ms. Yellen said. "And it will not raise a penny tax on a family making less than $400,000 a year. It's a huge tax increase", Wicker told NBC's "Meet the Press". "Come on man", he said.

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.

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"Combined with the other tax proposals, it would pay for the totality of the package". After that, the plan undoubtedly will generate much debate in Congress and among the public. "That's why he felt it was a responsible proposal to make", Psaki said of Biden.

"If we'd go back and look at roads and bridges and ports and airports, and maybe even underground water systems and broadband, you'd still be talking about less than 30% of this entire package", Blunt said on "Fox News Sunday".

The presence of Mr.

Senate Republican leader Mitch McConnell said last week that Biden's infrastructure plan was "bold and audacious" but would raise taxes and increase debt.

Mr. Brown said in a statement on the plan that "corporations should pay their fair share, just like OH families do, and they shouldn't get a tax break for shipping workers' jobs overseas".

Speaking to reporters in Washington after spending Easter weekend at the Camp David presidential retreat in Maryland, Biden 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.



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