Biden says no evidence higher corporate taxes will drive companies overseas

Biden’s massive infrastructure plan hits Republican blockade

US corporate tax rate hike to 28% dies before it even gets a look

He added that without the support of the Republicans, the Biden administration would not have been able to prevent the remaining measures from being taken separately.

Since Mitch McConnell, President of the Republican Senators, has promised to "fight" the Biden program "at every stage". His predecessor as president, Donald Trump, and Republican lawmakers cut the corporate rate from 35% to 21% in 2017. 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", Granholm said on CNN's "State of the Union". He pointed to potential user fees on drivers and others. He wants to fund his project by raising the corporate tax rate from 21% to 28%.

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.

"You're talking about companies in the Fortune 500 that haven't paid a single penny in tax for three years".

U.S. President Joe Biden would be willing to push through his $2 trillion infrastructure plan without the support of Republican lawmakers if he can not reach a bipartisan deal, Energy Secretary Jennifer Granholm said on Sunday.

"Combined with the other tax proposals, it would pay for the totality of the package". Mr. Biden's aides have estimated that his global tax proposals could raise more than $600 billion over the course of 10 years. After that, the plan undoubtedly will generate much debate in Congress and among the public.

"The president's plan basically says, look, if we're going to be serious about economic opportunity in all parts of the country, if we're going to be serious about equity and making sure the persistently poor areas of the country are brought up to speed, we're going to have to invest in broadband and we're going to have to invest in the broadband it gives people the same advantage regardless of where they live".

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Most Americans now support the Democratic president's plan, said Granholm, one of several senior Biden administration officials who promoted the proposal on television news shows on Sunday.

Over the weekend, he said he will increase taxes on families making $200,000 a year.

Mr. Warner argued that the proposal would provide an incentive to invest in the United States, saying "we need an worldwide tax system that rewards companies making investments here in the USA, particularly in cutting-edge technologies that will dictate the future success of our economy and ability to create good-paying jobs".

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