Joe Manchin (D-W-Va.) leading the pack, are threatening to stand in the way of the infrastructure proposal unless they get what they want-namely, a smaller tax hike on corporate America. But in practice, the Democrats said, they created new incentives for companies to invest more overseas to take advantage of new exemptions.
Corporations had ample warning-an entire presidential campaign-that tax increases were coming. His predecessor as president, Donald Trump, and Republican lawmakers cut the corporate rate from 35% to 21% in 2017.
Biden plans to fund these investments in large part through tax increases.
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".
The Virginia Democrat said Monday he has already expressed some concerns with the Biden infrastructure plan. That includes raising the corporate tax rate to 28% from 21% and a variety of changes to worldwide tax rates.More news: BC health officials report 1,889 new COVID-19 cases since Saturday
Regarding a demand from fellow Democratic Senator Joe Manchin for a 25% corporate tax rate, Wyden, the Finance Committee chairman, said the final rate would be the result of discussions within the Democratic caucus and the committee.
"As the bill exists today, it needs to be changed", Manchin said in a radio interview.
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.
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. "Everybody else in the rest of the world is investing in infrastructure and we're going to do it here".
The 50-50 split in the Senate, with Vice President Kamala Harris serving as the potential tie-breaking vote, gives centrists like Manchin substantial power when weighing in on legislative proposals moving forward.More news: India's Maharashtra sets curfew as cases spike
But the proposal announced this week faces major obstacles in Congress amid criticism from the Republican Party and business lobbies that They oppose the rise in corporate taxes with which the plan is meant to finance.
"We were talking about a 28% tax that everybody thought was just fair enough for everybody", he said. "You have 51 or 52 corporations of the Fortune 500 [that] haven't paid a single penny in taxes for three years".
Senate Democrats late Monday received a green light from the chamber's parliamentarian to pass additional bills through the arcane budget reconciliation process this year, good news for the party's efforts to approve a multi-trillion dollar infrastructure package in the face of unified Republican opposition.
"You all have one thing in common - courage", Biden says in the video, released on Monday.
The Biden administration briefed members of Congress last week on the infrastructure plan.More news: USA ousts Astra from factory, puts J&J in charge