Biden’s tax hikes show he doesn’t care about strengthening US economy: Rep. Pfluger
Rep. August Pfluger, R-Texas, weighs in on the border crisis and tax hikes under the Biden administration.
Some lawmakers aired the possibility of a smaller corporate tax hike to pay for President Biden's $2.25 trillion spending plan during an Oval Office meeting as the bipartisan group weighed changes to the size and scope of the next big economic measure.
The White House has proposed raising the corporate tax rate to 28% from 21%, along with imposing a higher global minimum on businesses' foreign earnings, to finance the president's infrastructure plan. But on Monday afternoon, Biden and several lawmakers discussed a more modest corporate tax increase.
REPUBLICANS PREPPING $650B COUNTEROFFER TO BIDEN'S SPENDING PROPOSAL
Rep. Charlie Crist, D-Fla., told The Wall Street Journal that lawmakers discussed the potential for some "compromise wiggle room" on raising corporate taxes. He suggested the increase may end up being around 2% or 3% — putting the new rate around 25%.
The meeting is the latest that Biden has held with lawmakers across the political aisle over the economic proposal, dubbed the American Jobs Plan. The measure calls for billions of dollars in new funding for roads and bridges, as well as transit systems, water infrastructure, broadband access, hospitals and elder care.
Attendees, all of whom are former governors or mayors, included Sens. John Hickenlooper, D-Col., John Hoeven, R-N.D., Angus King, I-Maine, Mitt Romney, R-Utah and Jeanne Shaheen, D-N.H., as well as Reps. Emanuel Cleaver, D-Mo., Carlos Giménez, R-Fla., Kay Granger, R-Texas, and Norma Torres, D-Calif.