Biden pushes back on criticism of raising corporate tax as study suggests some corporations paid zero on profits
CBSN
President Joe Biden pushed back Friday on growing criticism from Republican lawmakers that his proposal to raise corporate taxes to pay for infrastructure will hurt the economy. His remarks come as a new study suggests some of the largest companies in the United States paid no federal taxes on profits last year, and in some cases, may have even received tax rebates.
"Asking corporate America just to pay their fair share will not slow the economy at all," Mr. Biden said following remarks on the latest jobs report Friday at the White House. "It will make the economy function better. It will create more energy." As part of the American Jobs Plan unveiled this week, Mr. Biden proposed raising the corporate tax rate from 21% to 28%. The plan also includes provisions to strengthen the minimum tax for U.S. multinational corporations, calls for the implementation of a minimum 15% tax on the income corporations report to investors and eliminates tax credits and subsidies for the fossil fuel industry. It has not gone over well with Republican lawmakers who argue it would slow the economy and hurt job growth amid the recovery from the pandemic.
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