Biden: Higher Tax Won’t Drive Corporations Away

Increasing the corporate tax rate eight percent will not drive companies out of the United States, President Joe Biden said Monday as he vowed not to negotiate on the proposed increase with Republicans. Speaking to reporters after arriving on The Ellipse in Washington, Biden said there’s no evidence that increasing the rate will compel companies to leave the country. “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,” he added. Biden’s $2 trillion infrastructure plan includes raising the corporate tax rate from 21 percent to 28 percent. During the Trump administration, the rate was dropped from …

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