Commerce Secretary Gina Raimondo is calling on the business community not to dismiss President Joe Biden’s proposed corporate tax rate hike out of hand, saying an automatic rejection would be “unacceptable.”
Biden’s proposal to raise the corporate tax rate from 21% to 28% to pay for his $2.25 trillion “American Jobs Plan” has received a lukewarm reception from congressional Republicans and most business groups.
“We want to compromise,” Raimondo told reporters Wednesday. “What we cannot do and what I am imploring the business community not to do is to say, ‘We don’t like 28%. We’re walking away. We’re not discussing.’ That’s unacceptable. Come to the table and problem-solve with us to come up with a reasonable, responsible plan.”
Raimondo also defended Biden’s “American Jobs Plan” from criticism its definition of infrastructure requiring funding is too broad. The plan’s provisions proposing significant investments