WASHINGTON DC: The White House says there has been considerable praise for President Joe Biden’s $ 2 trillion infrastructure plan, which includes calling for a shift toward greener energy over the next eight years, along with increasing the corporate tax rate at 28%.
Biden outlined details of what is called the American Jobs Plan Wednesday in Pittsburgh.
The money from the tax hike will be used to fund the infrastructure plan in 15 years. The program will also be used to deter companies from writing down tax havens as an address and relocating profits, Biden said.
In 2017, Republicans reduced the corporate tax rate from 35 to 21 percent. Biden’s plan raises the minimum tax for multinational companies and ensures they pay at least 21 percent.
It should be noted that the Biden plan would ensure that a minimum tax of 15 per cent on income is paid as large companies report to investors. It would also make it difficult to acquire or merge a foreign business for U.S. companies to avoid paying taxes in the United States.
“Yesterday, the president established a once-a-century capital investment in America that would meet our current infrastructure needs; invest in manufacturing, research and development and in the care economy; rebuild our economy and create jobs. well-paid jobs for American workers, ”Jen Psaki, the White House press secretary, told a news conference Thursday afternoon.
“Since then, we have seen praise for the president’s vision from across the political spectrum, from the company to the worker, to economists and climate leaders, as well as the support of the bipartisan majorities of the American people.” .
The U.S. Chamber of Commerce said, he quotes, “We need a bold program to modernize our nation’s dilapidated infrastructure and applaud the Biden administration for making infrastructure a priority.”
The CEO of Ford Motors said that, as quoted, “Ford supports the administration’s efforts to move forward with a comprehensive infrastructure plan that” provides – “prioritizes a more sustainable, connected and autonomous future.”
The president of the Conservative Voters’ League said: “Today is a great day for jobs, justice and climate action.”
And the international president of the SEIU called the Employment Plan, he quotes, “a change of game to deal with racial and economic inequality.”
“And early polls underscore overwhelming bipartisan support for the components of this plan. Just yesterday, a Morning Consult poll showed that with a 2 to 1 margin, registered voters supported a hypothetical infrastructure package. $ 3 trillion, ”Psaki said.
“And a Data for Progress poll showed that, with a margin of 35 points, voters wanted to pay for this plan by asking large, wealthy corporations to pay their fair share, as the president demands.”