US Economy: Joe Biden Looks To Raise US Corporate Taxes
To help pay for his proposed $2.3 trillion infrastructure spending plan, US President Joe Biden is now planning to raise corporate income tax rates in the country.
US President Joe Biden has shaken up the business world with his proposal to raise corporate taxes in the country. This idea has been proposed with the intent to use that tax money to help pay for Joe Biden’s proposed $2.3 trillion infrastructure spending plan. He also believes that the rise in these taxes would not dampen the already fragile economy and drive business abroad.
Check out this video to know more about Biden’s proposed plan:
While talking to a reporter about the increase in tax rates, Joe said, “The tax was 36%. It’s now down to 21%. And the idea … that’s bizarre. We were talking about a 28% tax that everybody thought was just fair enough for everybody”. The democratic President while taking an aim at the top corporations in the Fortune 500 said, “Here you have 51 or 52 corporations of the Fortune 500 haven’t paid a single penny in taxes for three years. Come on, man. Let’s get real”.
On the other hand, U.S. Treasury Secretary Janet Yellen said “We’re working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom. Together, we can use a global minimum tax to make sure that the global economy thrives based on a more level playing field in the taxation of multinational corporations, and spurs innovation, growth, and prosperity.”
Check out this Tweet shared by Joe regarding the Wall Street businesses and the raise in corporate taxes:
Here’s the deal: Wall Street didn’t build this country — the great American middle class did. It’s time we rebuild the middle class and bring everyone along regardless of race, gender, religion, ethnicity, sexual orientation, or disability.
— President Biden (@POTUS) April 5, 2021
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