Senators Sherrod Brown of OH and Mark Warner of Virginia, both Democrats, signed on as co-authors. "No federal tax, no addition". It would also alter two other parts of the 2017 law in ways that the senators say would better encourage investment in America.
Republican Senator Roy Blunt on Sunday urged Biden to significantly scale back the plan if he wanted Republican lawmakers' support. Separately on Monday, Treasury Secretary Janet L. Yellen called for global coordination on an worldwide tax rate that would apply to multinational corporations regardless of where they locate their headquarters. "And if the vast majority of Americans, Democrats and Republicans, across the country support spending on our country and not allowing us to lose the race globally, then he's going to do that", said Granholm.
"Competitiveness is about more than how USA -headquartered companies fare against other companies in global merger and acquisition bids", Ms. Yellen said. The change to the corporate tax rate is just one of several proposed changes slated to amount to the nation's largest federal tax hike in almost 30 years.
The Democratic president wants to invest about $ 2 trillion in eight years. That includes raising the corporate tax rate to 28 percent from 21 percent and a variety of changes to worldwide tax rates.
On Monday, Mr. Biden continued to press for those tax increases, saying that companies need to pay their fair share and that there was "no evidence" behind concerns from Republicans that raising tax rates would drive investment out of the United States. "Come on man", he said.
"Combined with the other tax proposals, it would pay for the totality of the package. That's why he felt it was a responsible proposal to make", Psaki said of Biden.
President Biden's infrastructure plan introduced last week, The American Jobs Plan, includes money to step up efforts surrounding rural broadband. After that, the plan undoubtedly will generate much debate in Congress and among the public.
"I don't think in the next 50 years we're going to see another time when we have this combination of a demonstrated need, bipartisan interest, widespread impatience and a president that is committed to it", Buttigieg said.
The presence of Mr.
Roy Blunt, the chairman of the Senate Republican Policy Committee, implored Democrats to focus on the traditional pillars of infrastructure - "roads, bridges, ports and airports" - and not the more expansive spending Biden envisions to create jobs, fight climate change and stand up to a rising China.
Over the weekend, he said he will increase taxes on families making $200,000 a year.
Former President Donald Trump slashed the corporate tax rate to 21% from 35% - a global high - during his time in office, arguing that the rate disadvantaged the USA on the global stage and led many American business to relocate offshore.