President Joe Biden said Wednesday that he was willing to discuss his infrastructure proposal with Republicans and Democrats alike, including an increase in the corporate tax rate, but cautioned that inaction was unacceptable as he moves forward with his new big economic plans. . “We will not be open to doing nothing,” Biden said in a speech at the White House. He said he will be open to “good ideas and good faith negotiations” as he plans to meet with lawmakers in the coming weeks.
Biden spoke a week after implementing his $ 2.3 trillion infrastructure plan, a sprawling measure that would inject more than $ 620 billion into transportation projects, $ 111 billion into water infrastructure, and provide $ 100 billion for broadband. . Management proposes to pay the plan by increasing the corporate tax rate to 28%, among other measures. Biden said he is “very open” to the idea of a corporate tax rate lower than 28%, but added that “we have to pay for this.” “I am willing to negotiate that,” he said. Now watch: Biden Launches $ 2.3 Trillion Infrastructure Plan: ‘It‘s Bold, Yes, And We Can Do It‘ Treasury Department Says Biden’s Fiscal Plan, As Currently Written, Aims To Raise $ 2.5 Trillion In 15 years. Also read: Yellen Says Biden’s Tax Hikes Will Fund Traditional and ‘Modern’ Infrastructure The infrastructure plan has hit the wall with Republicans, meanwhile, who have criticized the tax increases and criticized some of the goals of spending. On Monday, Senate Minority Leader Mitch McConnell said Biden’s plan is “something we are not going to do.” The Kentucky Republican said the Republican Party could support a “much more modest approach” that is not based on corporate tax increases, the Associated Press reported. West Virginia Senator Joe Manchin, a key Democrat, said Monday that he would not support an increase in the corporate rate to 28%. Manchin told a local news station that he could support an increase in the corporate rate to 25% and that he would be in favor of closing the tax “loopholes” that benefit the rich. Former President Donald Trump and Republicans in Congress cut the corporate rate from 35% to 21%. Republicans have criticized spending on electric vehicles and home care, sparking a debate about what infrastructure means. A recent survey found that parts of Biden’s infrastructure plan are very popular on their own. But public support falls when the initiatives are included in a Democratic bill, according to the Reuters / Ipsos poll. US stocks DJIA, -0.07%, were mixed on Wednesday, with the Dow Jones Industrial Average falling slightly and the S&P 500 SPX Index, + 0.09% and Nasdaq COMP, + 0.05% each below 1%.