Economy

Biden says higher corporate tax won’t hurt economy

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President Joe Biden talks to reporters on the South Lawn of the White House, in Washington, U.S., March 14, 2021.

Cheriss May | Reuters

President Joe Biden said Monday he is not worried that a plan to increase corporate America’s tax bill would dampen the U.S. economy as it emerges from the Covid-19 pandemic.

Asked whether he is concerned that the White House plan to raise the corporate rate to 28% could harm an already-fragile recovery, Biden replied “not at all.”

“There’s no evidence of that,” the president said from the South Lawn of the White House. “Here you have 51 or 52 corporations in the Fortune 500 that haven’t paid a single penny in taxes for three years.”

The proposed increase to…



Source cnbc.com

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