Corporate Tax

Biden to pay infrastructure plan with corporate taxes

White House press secretary Jen Psaki told reporters Tuesday that the plan that Mr Biden detailed on Wednesday “was an investment in America – not just modernizing our roads, railways or bridges, but building infrastructure for the United States USA future. Part of that is certainly infrastructure, projects ready to be shoveled. Some of it is: How do we expand broadband access? Part of this ensures that we address the needs in people’s homes and communities. “

Ms. Psaki also suggested that Mr. Biden was not bound by his preferred tax plans to fund the measure.

“People may have different ideas about how to pay for it,” she said. “We are open to hearing them. Hopefully people will come up with ideas. “

A leading corporate lobby group in Washington, the U.S. Chamber of Commerce, welcomed the apparent flexibility and ambition of Mr. Biden’s plans for physical infrastructure – although officials continued to warn that Mr. Biden’s corporate tax hikes hurt the chance for bipartisan collaboration could.

“The rise in corporate taxes and other factors is kind of a no-starter for Republicans. It’s kind of a non-runner for us too, ”said Ed Mortimer, Vice President for Transport and Infrastructure at the Chamber. But he said, “We believe the administration has opened the door to other ideas. It’s a legislative process. Whatever the President proposes, it won’t be the final bill. “

Mr Mortimer said the scope of Mr Biden’s spending proposals seem “in line with what we need to do not just to fix our physical infrastructure, but to encourage innovation and bring clean energy online. The numbers being talked about are undoubtedly high, but they meet the needs. “

Many Democrats want Mr Biden to spend even more as part of his plans or cut taxes for some residents of high-tax countries. On Tuesday, Democrats in both chambers continued to urge the White House to include specific policy initiatives in the legislative package, including several letters setting out requests to invest in housing initiatives as well as house and community services.

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