The changes to the US corporate tax code that will be introduced by President Biden's American Jobs Plan will pay for projects and investments over the next 15 years, Treasury Secretary Janet Yellen said in a statement on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 01st April, 2021) The changes to the US corporate tax code that will be introduced by President Biden's American Jobs Plan will pay for projects and investments over the next 15 years, Treasury Secretary Janet Yellen said in a statement on Thursday.
"The plan revamps a flawed corporate tax code that incentivizes off-shoring and, instead, rewards companies that invest in America's workers," Yellen said. "It also pays, over the next 15 years, for projects and investments that will build the planet's most state-of-the-art infrastructure and make America's workers the most highly-skilled in the world."
Yellen said Biden's plan will end the global race for lower taxes and make corporations stop taking out their profits into tax havens abroad.
Yellen noted that schools, infrastructure and new technologies have been underfunded in the past 40 years while the American Jobs Plan is set to fix that problem and provide the base for development over the next 40 years.
Biden unveiled on Wednesday a $2 trillion plan to upgrade US infrastructure with funding expected to come from a proposed increase in taxes on large corporations. Critics have warned that Biden's plan will lead to hyperinflation, even an inflationary collapse, and cause a capital flight.
