Biden infrastructure plan funded by corporate taxes, imperiling business support
(Worthy News) – The Biden administration is planning to fund its massive $2 trillion infrastructure spending package with increased corporate taxes, an approach that puts it at odds with businesses eager for funding for roads and bridges.
The “American Jobs Plan,” as the spending package has been dubbed, is the first of a two-part spending strategy that may end up costing up to $4 trillion. The first part, which targets infrastructure, will be announced by President Joe Biden on Wednesday afternoon during a visit to Pittsburgh, Pennsylvania.
Biden’s plan would hike the corporate tax rate by 7 percentage points (from 21% to 28%). The rate was previously lowered from 35% as part of former President Donald Trump’s 2017 Tax Cuts and Jobs Act. [ Source: Washington Examiner (Read More…) ]
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