“Making sure the largest companies don’t pay zero … and reducing the, the tax cut to between 25 and 28 (percent), it’s a couple hundred billion dollars. We can pay for these things,” Biden said, speaking in front of the Calcasieu River Bridge in Lake Charles, Louisiana.
Biden noted the corporate rate, which is currently 21%, had been as high as 35% before former President Donald Trump and congressional Republicans cut taxes in 2017.
How to pay for Biden’s roughly $2 trillion American Jobs Plan has been a hotly contested topic on Capitol Hill, and Biden has said repeatedly it is something he is open to negotiating. The corporate tax hike has been met by fierce opposition by Republican lawmakers, who also take issue with the size and scope of Biden’s proposal.
Raising corporate taxes was a core campaign promise of Biden’s, and the administration says doing so would raise more than $2 trillion over the next 15 years.
The President on Thursday traveled to Louisiana as part of his “Getting America Back on Track” tour to make the case that his sweeping economic proposals will benefit middle-class Americans and took aim at tax cuts for the wealthy and corporations.
“We’ve got to build from the bottom up and the middle out. That’s how we build America,” Biden said.
Biden stood in front of the Calcasieu River Bridge — a 70-year-old bridge that is 20 years older than its designated lifespan, according to the White House — to highlight the need to invest in the nation’s crumbling infrastructure.
“We’re standing here in the shadow of the I-10 Bridge, which I’ve gone over several times myself in the past, and it’s a perfect example how we’ve neglected as a nation to invest in the future of our economy and the future of our people,” Biden said.
The President said reforming the tax code would allow for the kind of large-scale investments in infrastructure his American Jobs Plan calls for. He framed his proposal as a choice between giving tax breaks to the wealthiest of Americans and investing in working class families.
“In my view it’s an easy choice,” Biden said.
The President touted the American Jobs plan as a “blue-collar blueprint” and a “once-in-a-generation investment in America.”
Biden said his plan would put electricians to work building a modern energy grid, engineers and construction workers would rebuild roads and bridges, and plumbers
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