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Treasury Secretary Janet Yellen urges a skeptical business community to back corporate tax hikes to fund the government’s proposed $ 2.25 trillion investment in the country’s infrastructure and announce higher profits.
In a speech to the US Chamber of Commerce on Tuesday, Yellen will argue that the Biden administration’s proposals, “taken as a package, are the.” net profitAbility of our companies and improving their global competitiveness ”, so the text of their prepared remarks. “We to hope that managers see it that way and support the employment plan. “
The Chamber is one of the business lobbies that have backed President Joe Biden’s proposal to increase spending on infrastructure, but are strongly opposed to raising the corporate tax rate in order to pay for it. The plan is to increase the rate from 21% to 28%.
Instead, the Chamber would like to see a usage fee model for fundraising for the plan together with the Business Roundtable.
In her speech, Yellen will highlight a stark contrast between American innovation and power and its deteriorating highways, airports and bridges, and economic inequalities caused by rising wages “at the top” and stagnation in the middle class.
Biden’s proposal, called the American Jobs Plan, will help those who do feeling “Left behind” by rising wages and productivity, says Yellen.
Before it’s here, it’s in the Bloomberg Terminal.