A proposal to pay for President Joe Biden’s sweeping new infrastructure bill with tax hikes is drawing criticism from big business.
In addition to boosting the corporate tax rate to 28% from 21%, Biden’s “American Jobs Plan” calls for restructuring how U.S. companies are taxed on foreign profits.
Biden said Wednesday that he is open to a smaller hike but added the eventual rate needs to meet the bill’s scale.
Compromise is “inevitable” and changes are “certain,” he said, “but we’ve got to pay for it.”
The U.S. Chamber of Commerce has called the proposal “dangerously misguided” and said the tax increases would make the country less competitive. The National Association of Manufacturers said the pay-for proposals would hurt the COVID-19 economic recovery.
“Properly done, a major investment in infrastructure today is an investment in the future and like a