- On Thursday, Biden said the corporate tax rate should be raised to between 25% and 28%.
- He previously proposed 28% to offset infrastructure spending, but some Democrats have balked at that.
- Biden’s comments signal he may be open to compromise with moderate party members.
In an address in Louisiana, President Joe Biden said the corporate tax rate should be between 25% and 28% — a potential sign of compromise with moderate Democrats. Biden had proposed a 28% corporate tax rate, an increase from its current rate of 21%, to offset his planned infrastructure spending. The rate was slashed from 35% in former President Donald Trump’s 2017 tax law. “That’s a couple hundred billion dollars,” Biden said of upping the rate. “We can pay for these things. I’m not talking about deficit spending.” He added: “What I’m proposing is badly needed and able to be paid for and still grow. Trickle-down ain’t working very well, man.” Nick Note: Like everything else in the times we are in people have a hissiefit over nothing. I heard talking heads rant about a stock market crash because the capital gains tax will be going over 40%….. Really? The 22% present capital gains tax will go to 24% so everyone can calm down and back away from the ledge.