Corporate Tax

Senator not a fan of the corporate tax fee hike

US Senator John Boozman said he is not in favor of increasing the corporate tax rate to fund President Joe Biden’s massive infrastructure plan.

Speaking to KTLO’s Bob Knight in an interview during a visit to the Twin Lakes Area Tuesday, Boozman advocated keeping the corporate tax rate at 21 percent. Biden plans to raise the corporate tax rate to 28 percent after his predecessor, President Donald Trump, cut the corporate tax rate from 35 to 21 percent.

Boozman, a Republican, said his constituents were concerned about the potential rise in taxes.

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Biden hopes to raise the corporate tax rate to fund a $ 2 trillion infrastructure plan called the American Employment Plan. But only about $ 650 million of that plan is actually related to infrastructure like roads, bridges and airports, Boozman said. The remainder of the funds would be used for projects addressing issues such as energy efficiency, investing in research and development, and improving wages and benefits for employees.

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GOP leader Mitch McConnell has previously said that the president’s plan will not win a single Republican vote. The general lack of Republican support spoke volumes about the plan, Boozman said.

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The president is currently trying to sell the plan to members of his own party, some of whom have said they will not support the plan if the corporate tax rate is raised to 28 percent.

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