Market news

8 April 2021

President Biden says he's open to negotiating on corporate tax hike

CNBC reports that President Joe Biden said that he is willing to negotiate on the proposed corporate tax rate hike in his $2 trillion infrastructure plan.

“I’m willing to listen to that,” Biden said at the White House when asked if he would consider a lower corporate tax rate than 28%, as his plan currently calls for.

“We’ve got to pay for this,” Biden added, noting that there are “many other ways we can do it.”

The president’s remark about the corporate tax rate came after he delivered a sweeping defense of the size and scope of his proposed infrastructure overhaul.

Republicans have been quick to criticize the plan for funding too many projects that, in their view, fall outside the definition of infrastructure. 

But Biden argued that “the idea of infrastructure has always evolved to meet the aspirations of the American people and their needs. And it is evolving again today.”

The president said he welcomes debate about the specifics of the bill, and said “any Republican who wants to get this done” is invited to the White House.

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