Breitbart News reported on March 31 that former President Trump lowered the tax rate from 35 percent to the current 21 percent, while Biden plans to raise taxes on U.S. businesses at a rate higher than even the Chinese Communist Party charges U.S. businesses. Biden’s proposal has met with bipartisan opposition.
Biden will travel to Pittsburgh on Wednesday to propose a $2.25 trillion package to fix infrastructure, of which $558 billion would go to traditional infrastructure projects such as highways, bridges, water facilities, etc. $374 billion would go to high-tech broadband, grid modernization, clean energy and electric vehicles, etc. $378 billion would be spent on building and renovating buildings. 4, 480 billion would be spent on incentives for research and development and manufacturing. 500 billion would be spent on health care and workplace development.
Wall Street estimates that the bill could create 18 million jobs in the United States. But part of the financial resources of related plans, one is by raising the global minimum tax rate from about 13% to 21%, an initiative that is expected to raise $1 trillion in tax revenue over 10 years. The other is the ability to increase corporate taxes, personal income taxes or tax the rich to pay for this huge expense.
Breitbart News said that if Biden’s bill were to pass into law, the U.S. corporate tax rate would increase from 21 percent to 28 percent, surpassing the Chinese Communist Party’s 25 percent corporate tax rate.
The tax proposal has received some criticism from both parties.
Progressive Rep. AOC tweeted Wednesday that Biden’s effort lacks urgency and “it’s not nearly enough.”
(Kevin Brady), the top Republican on the House Committee on Ways and Means, also denounced Biden’s tax hike plan. He said the U.S. is still in an economic crisis and “there has never been a president that has used higher business taxes to restore the economy, and this couldn’t have come at a worse Time to raise taxes.”
Republican Congresswoman Ann Wagner (R-CA), echoed Brady’s sentiments, saying, “At a time when America is beginning to unblock and the economy is recovering, why is the Biden Administration proposing tax policies that will ultimately hurt American families and millions of struggling small businesses? “
Senate Minority Leader Mitch McConnell (R-Ky.) had already said on March 16 that Republicans would not use support for paying for infrastructure with tax increases.
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