Big business challenges Biden tax hikes

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.”

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