Market news

7 May 2021

Biden willing to accept 25% corporate tax rate to fund spending programs

Reuters reports that U.S. President Joe Biden said a corporate tax rate between 25% and 28% could help pay for badly needed infrastructure, suggesting he could accept a lower rate than what he has proposed in his search for Republican support for the funding.

"The way I can pay for this, is making sure that the largest companies don't pay zero, and reducing the (2017 corporate) tax cut to between 25 and 28" percent, Biden said.

In his $2.3 trillion infrastructure plan, the Democratic president initially proposed raising the corporate tax rate from 21% to 28%. Tax experts and congressional aides told in April that a 25% rate would be a likely compromise.

"What I'm proposing is badly needed" and will be paid for, said Biden, dismissing the "trickle down" theory that helping businesses and the wealthy will benefit those farther down the economic ladder. "We've got to build from the bottom up and the middle out."

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