President Biden expressed an openness to listen to ideas on how to pay for his American Jobs Plan on Wednesday, but stressed that the time to act is now on his sweeping infrastructure and jobs proposal.
“Let me be clear, these are my ideas on how to pay for this plan. If others have additional ideas, let ‘em come forward. I'm open to other ideas so long as they do not impose any tax increase on people making less than $400,000 dollars,” Biden said after laying out his proposed changes to the corporate tax code.
Biden said he plans raise the cooperate tax rate to 28% up from 21%.
“No one should be able to complain about that. It's still lower than what that rate was between World War II and 2017. Just doing that one thing will generate $1 trillion in additional revenue over 15 years,” he said.
He said the plan will also establish a global minimum tax for cooperation’s and eliminate deductions corporations currently receive for offshoring jobs.
“All this adds up to more than what I proposed to spend in just 15 years. It's honest. It's fiscally responsible, and by the way, as the experts will tell you, it reduces the debt,” Biden said.
He called on Republicans to come together in a bipartisan effort to pass the infrastructure bill, though they have spoken out against raising taxes in the past.