Corporate Tax

Biden alerts compromise on infrastructure plan by decreasing corporate tax hike

The $ 2.3 trillion infrastructure plan presented by President Biden in March continues to be scrutinized in Washington. As recently as this week, reports showed that Biden was ready to compromise with the GOP by lowering the minimum corporate tax rate of 15%.

According to Farm Journal Washington correspondent Jim Wiesemeyer, Biden also signaled that he could accept a tighter infrastructure package that did not include raising the corporate tax rate from 21% to 28%, telling a senior Senate Republican that he would see new spending amounting to $ 1 US $ trillion wants pending alternative payment options for the measure. This includes an offer to use $ 75 billion in unspent COVID-19 funds. Republicans have pushed for $ 700 billion of existing Covid aid to be diverted to pay for the plan.

Wiesemeyer also reported that the tax would only apply to companies with incomes greater than $ 2 billion earlier this year, according to government figures. As a result, the White House says the administration estimates that 180 companies would meet the income threshold and 45 would pay the tax.

Broadband is infrastructure.

The American Jobs Plan will bring affordable, reliable, high-speed broadband to every American. pic.twitter.com/ZstpcDBsB1 – Secretary Tom Vilsack (@SecVilsack) June 3, 2021

Key members of the Biden government continue to take advantage of the president’s plan. USDA Secretary Tom Vilsack used Twitter to reiterate the need for affordable and reliable broadband.

Stephanie Mercier, Senior Policy Advisor for the Farm Journal Foundation, said the question of funding rural infrastructure is long overdue.

“Overall, the American Society of Civil Engineers estimates that the US government is only paying about half the cost of maintaining and improving our public infrastructure, with the investment gap growing to nearly $ 2.6 trillion over ten years,” she says in a recent AgWeb article.

She says although infrastructure needs are enormous, a 2020 report by a national nonprofit transportation research group found that 34% of roads in rural US are in poor or mediocre condition.

According to Wiesemeyer, talks about the scope of the infrastructure plan and its financing will continue today and probably until the weekend.

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