Biden Claims Higher Tax Won’t Drive Corporations Away

A proposed increase in the corporate tax rate won’t drive companies out of the United States, President Joe Biden said on April 5, as he vowed not to negotiate with Republicans over the higher rate. Speaking to reporters after arriving on The Ellipse in Washington, Biden said there’s no evidence that increasing the rate to 28 percent will harm the economy or spur companies to look abroad. “The tax was 36 percent, and it’s now down to 21 percent. The idea that that—it’s bizarre, we’re talking about a 28 percent tax that everybody thought was just fair enough for everybody,” he said. “Here you have 51 or 52 corporations in the Fortune 500 that haven’t paid a single penny in taxes for three years? Come on, man. Let’s get real.” Biden’s $2 trillion infrastructure plan includes raising the corporate tax rate from 21 percent, where it has been since former President …

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