US President Joe Biden is facing opposition to his fiscal package to transform the US economy. Biden’s plan also includes raising corporate taxes from 21 percent to 28 percent so far.
Joe Biden said during his White House speech Wednesday that he was ready to discuss the draft of his fiscal package. “I am open to good ideas and believe in meaningful discussion,” he said. Biden also admitted, somewhat surprisingly, that he would not insist on raising the corporate earnings rate to 28 percent as he had planned. He says he’s ready to hear arguments about why the tax should be lower. “I’m willing to discuss it,” he added.
On the other hand, it refuses to move the corporate tax rate at all. According to Biden, the increase is necessary because the cost of transforming the US economy needs to be spread evenly. Poor also intends to pressure big American firms to pay taxes at home and not abroad. He says it is unacceptable that america’s 91 largest companies did not pay a cent in federal taxes in 2019.