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Biden says 25% to 28% corporate tax rate could pay for investments

Stock MarketsMay 06, 2021 03:41PM ET
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© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks after a meeting with his COVID-19 Response Team on the coronavirus disease (COVID-19) pandemic and the state of vaccinations, on the White House campus in Washington, U.S., March 29, 2021. REUTERS/Jon

LAKE CHARLES, La. (Reuters) -U.S. President Joe Biden said a corporate tax rate between 25% and 28% could help pay for some badly needed investment projects, suggesting he could accept a lower rate than what he has proposed.

"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," Biden said during a visit to Lake Charles, Louisiana.

In his $2.3 trillion infrastructure plan, Biden proposed raising the corporate tax rate to 28% from 21%.

"What I'm proposing is badly needed" and will be paid for, Biden said. "Trickle down ain't working very well. We've got to build from the bottom up and the middle out."

Biden says 25% to 28% corporate tax rate could pay for investments
 

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Comments (11)
Silence Dogood
Silence Dogood May 06, 2021 5:01PM ET
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says the vegetable in chief..
danny Levine
danny Levine May 06, 2021 4:19PM ET
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then don't blame companies moving to china and india
ben sc
ben sc May 06, 2021 4:02PM ET
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there simply isn't enough revenue to tax to pay for all this proposed spending. if you're keeping track this admin has proposed spending 10 TRILLION this year. numbers matter.
ben sc
ben sc May 06, 2021 4:01PM ET
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look at wage growth for lower and middle income earners from T years compared to Obama years, he is not just wrong but lying to justify spending more. insanity
Connecticut Yankee
A_Jaundiced_Eye May 06, 2021 4:00PM ET
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It was 21% and he was going to raise it to 28%. Now SOMEWHERE between 25% and 28%. Who knows what it will end up.  Mommas, raise your babies to be Tax Accountants - they will always have plenty of work.
Klaus Weyers
Klaus Weyers May 06, 2021 3:57PM ET
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joe has no clue.. most taxes are government sanctioned theft..
Black Berry aRmY
Black Berry aRmY May 06, 2021 3:50PM ET
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Cool for Europe. Large companies can relocate their activities! Thanks Biden. You are the man for the job ...
Aniebiet Akang
Aniebiet Akang May 06, 2021 3:49PM ET
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Execution of tax raise is bullish for USD
Mousty Mousty
Mousty Mousty May 06, 2021 3:37PM ET
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Its funny how they think big corporations Will invest There profits elsewhere and show a minimal amount to be taxed
Edward Sims
Edward Sims May 06, 2021 3:27PM ET
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Anybody who knows anything about basic economics - so not leftists - knows that raising tax on businesses does not hurt businesses and wealthy people, it primarily hurts the middle and lower class. Businesses just raise the cost of goods and/or decrease salaries/workforce. Businesses can easily compensate at the expense of consumers and workers, There is a reason that the most left-leaning states such as California have up to 86% higher cost of living rise compared to the rest of the nation. But it makes sense, considering Biden also thinks that reducing the amount of nicotine would make people smoke less cigarettes. Not the sharpest tools in the shed voting for democrats.
Edward Sims
Edward Sims May 06, 2021 3:27PM ET
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Correction, large globalist businesses can easily compensate. It is more difficult for small business owners. Globalist competitors like China will also absorb all the business that is driven overseas. There is a reason not long ago you had the Fed coming out saying that they want to collude with other countries to set a minimum global tax rate on businesses, to push their communist practices on the entire world making everybody government dependent.
Drew Antone
Drew Antone May 06, 2021 3:27PM ET
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4% to 7% Employee Reduction
Edward Sims
Edward Sims May 06, 2021 3:27PM ET
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Cost of living up, employee salaries and workforce down. More people government-dependent and on welfare. Meanwhile rich get richer. Just like the democrats in power like.
 
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