The Business Roundtable is pushing for a proposal to increase the corporate tax rate to be paid President BidenJoe BidenThe Hill’s Morning Report – Biden Officials Prepare for the Worst Despite Vaccine Data Congress tries to contain Biden’s warring forces. Democrats take the vote. GOP yells foul MOREThe infrastructure package, a plan the administration is due to announce on Wednesday.
The White House shared details of the infrastructure plan with lawmakers on Tuesday. The $ 2 trillion proposal will be funded by raising the corporate tax rate from 21 percent to 28 percent and introducing a global tax on corporate profits, a source familiar with the plan that The Hill Tuesday confirmed.
“Business Roundtable strongly opposes corporate tax increases as payment for infrastructure investments. Policymakers should avoid creating new barriers to job creation and economic growth, especially during recovery, “Business Roundtable CEO Joshua Bolten said in a statement Tuesday.
Bolten called on the Congress to find a solution to finance the infrastructure.
“To the extent that infrastructure investments are deficit-financed in the short term because of their unique economic benefits and the need for a rapid recovery from COVID-19, Congress should set the stage for stable and reliable long-term infrastructure financing,” he said.
Biden on will officially unveil its road, bridge, broadband and manufacturing improvement plan on Wednesday in Pittsburgh, Pennsylvania. The plan is part of a two-part package.
Congressional Democrats have suggested that while they want the bill to be a bipartisan effort, they may have to do it alone to get the bill through a budget process known as reconciliation. Reconciliation would give Democrats the opportunity to bypass the 60-vote filibuster in the Senate.
The Business Roundtable has called for infrastructure investments and a bipartisan solution so that a package can be regularly ordered in Congress.
Brendan Bechtel, chairman and CEO of the Bechtel Group, Inc. and chairman of the Business Roundtable Infrastructure Committee, estimated that less investment would be required in infrastructure than foreseen in Biden’s plan.
“Business Roundtable estimates that it will take approximately $ 1 trillion to $ 1.5 trillion of investment to restore US physical infrastructure, expand capacity to meet anticipated demand, and invest in new green infrastructure, “he said in a statement.