The Minneapolis Star Tribune reports on the differing opinions on Biden’s proposed tax hike for businesses…
But many Democrats say infrastructure repairs can’t wait.
“Due to years of neglect and underinvestment, America’s infrastructure has fallen behind — leading to crumbling roads and bridges, outdated water systems, a vulnerable electric grid and inconsistent access to affordable, high-speed broadband internet,” said Democratic Rep. Angie Craig, a former Minnesota corporate executive. “I am supportive of efforts to make sure that corporations and the wealthiest among us are paying their fair share.”
Economists and tax experts don’t dispute that a 28% corporate rate would be the developed world’s highest. What they disagree on is the degree to which it would hinder the U.S. recovery from the COVID-driven downturn.
The pandemic distorted how much job growth the 2017 tax reform generated. The Tax Foundation, a conservative think tank, estimates that the new tax law will create more than 1.44 million full-time-equivalent jobs by 2025.