Biden tax hikes will ‘lead to a recession’: Madison Cawthorn
Rep. Madison Cawthorn, R-N.C., on the Biden administration’s tax and spending plans, as well as reopening schools in America.
President Biden on Wednesday suggested that he is open to negotiating with Republicans on his proposed corporate tax hike, indicating that nothing that he has put forward is set in stone.
When asked by a reporter whether he would consider implementing a 25% corporate tax rate instead of his proposed 28% rate, Biden said he was "open to compromising, yes."
"It doesn’t have to be exactly what I say," Biden said. "I’m going to meet with Republicans next week when they come back, and seriously meet with them, I’m willing to compromise. But I’m not willing to not pay for what we’re talking about."
He also said he had talked to CEOs about the proposal when asked by a reporter on Wednesday.
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Biden unveiled his $1.8 trillion American Families Plan, which focuses on education and child care, and the $2 trillion American Jobs Plan, which includes a massive infrastructure revamp.
He has proposed paying for each of the sweeping spending proposals through various tax increases on corporations and the wealthy.
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In addition to raising the corporate tax rate to 28% from 21%, Biden has proposed implementing a global minimum tax of 21% and eliminating various perceived loopholes in the corporate tax code.
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On the individual side, he has called for raising the top income tax bracket for high-earning individuals to 39.6% from 37%, raising the capital gains tax rate for individuals earning more than $1 million to the top personal income rate and eliminating the stepped-up basis provision for this same group of people.
The White House has maintained that taxes will not increase for individuals earning less than $400,000.
Biden and his administration have indicated throughout the past several weeks that he is open to hearing other ideas to pay for his spending proposals.
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