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.”

BIDEN’S INFRASTRUCTURE PLAN
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