Joe Biden caves on huge corporate tax increase in infrastructure plan

www.washingtontimes.com
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President Biden said Wednesday he's willing to scale back a proposed corporate tax increase in his massive infrastructure plan amid resistance from a key Senate Democrat and a new study that said the plan would sap wages and economic growth in the long run.
Mr. Biden challenged opponents of the $2.25 trillion plan to put up or shut up on outlining their own ideas, while the Treasury Department projected the broader plan translates to roughly $2.5 trillion in tax hikes over 15 years.

"I'm wide open, but we got to pay for this," Mr. Biden told reporters when asked about a corporate tax rate lower than the 28% that is in his plan. "I've come forward with the best, most rational way — in my view, the fairest way — to pay for it. But there are many other ways as well, and I'm open."

The president said he plans to meet with any Republicans who want to negotiate in good faith and that the proposal he laid out last week will almost certainly change as it makes its way through Congress.

"I am prepared to work — I really am," Mr. Biden said. "But to automatically say that the only thing that's infrastructure is a highway, a bridge or whatever — that's just not rational."

Republicans and some Democrats have criticized the proposal for spending only a small percentage on building and fixing roads and bridges — the types of projects generally accepted as traditional infrastructure spending.

"An infrastructure package should be bipartisan, flexible and paid for, not a vehicle for Green New Deal priorities and progressive giveaways," Sen. Cynthia Lummis, Wyoming Republican, said on Twitter.

Mr. Biden said the definition of "infrastructure" is constantly evolving, noting that there were periods in U.S. history when trains and highways weren't considered infrastructure, either.

"We don't just fix for today — we build for tomorrow," Mr. Biden said. "The idea of infrastructure has always evolved to meet the aspirations of the American people and their needs. And it's evolving again today."

The spending side of the plan includes $620 billion for transportation infrastructure, $650 billion for universal broadband, clean water, upgrades to the electric grid and affordable housing, $400 billion for caregiving initiatives for…
David Sherfinski
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