The president has allowed for the possibility of a slight reduction in his previously proposed tax rate.
President Joe Biden said a 25% to 28% corporate tax rate could help the state pay for some of its most needed investment projects, conceding that he might accept a small reduction in his earlier proposed taxation level for big business.
“The way we can recoup investment in important infrastructure projects is to ensure that the largest companies are not paying taxes at zero, and to raise [the 2017 set-aside] corporate tax rate to 25% to 28%,” Biden said during a visit to Lake Charles, Louisiana.
In the president’s previously proposed $2.3 trillion infrastructure plan, Biden proposed raising the corporate tax rate from the current 21 percent to 28 percent.
“What I’m proposing is badly needed for the American economy and there’s a price to pay,” Biden said, adding that the claim that the benefits of big corporations are matched by small businesses and consumers “doesn’t really work.”
“We have to rebuild everything from the ground up,” the president stressed.