The Briefing Room
General Category => Politics/Government => Topic started by: mystery-ak on May 05, 2021, 08:07:04 pm
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Biden says he's open to compromise on corporate tax rate
By Morgan Chalfant - 05/05/21 03:42 PM EDT
President Biden said Wednesday that he is open to compromise on his proposal to raise the corporate tax rate, but said he would not back an infrastructure bill that is not paid for because of concerns about the deficit.
Biden was asked following remarks at the White House on Wednesday if he was open to an increase of the corporate tax rate to 25 percent instead of his proposed 28 percent.
“I’m willing to compromise but I’m not willing to not pay for what we’re talking about,” Biden told reporters. “I’m not willing to deficit spend. They already have us $2 trillion in the whole.”
Biden’s proposal has been criticized by Republicans and at least one Democrat, Sen. Joe Manchin (D-W.Va.), who said he believes a 28 percent corporate tax rate is too high. The rate is currently 21 percent.
Biden proposed the tax increase in order to pay for his massive $2.3 trillion infrastructure and climate plan. He said he is planning to meet with Republican lawmakers next week on infrastructure, describing himself as serious about negotiations with lawmakers from the opposing party.
more
https://thehill.com/homenews/administration/552000-biden-says-hes-open-to-compromise-on-corporate-tax-rate
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Oh...compromise, eh? We state a number, he states a number, we wind up somewhere in the middle?
Sounds like a plan.
Our first offer should be tax the corporations at a -50% rate, work towards the middle from there.
With any luck, we'll get to where corporate tax rates should be, 0%, just like where capital gains should be, 0%.