President Joe Biden said on Friday that his proposal to raise taxes will not slow the US economy, but will make it work better
WASHINGTON (Pakistan Point News / Sputnik - 02nd April, 2021) President Joe Biden said on Friday that his proposal to raise taxes will not slow the US economy, but will make it work better.
"Raising taxes, as studies show, will not slow the economy," Biden told reporters after a press conference held on the US monthly jobs report. "All I'm asking corporate America is to pay their fair share. It will not slow the economy, it will make the economy function better, it will create more energy."
On Wednesday, Biden rolled out his administration's $2 trillion plan to upgrade US infrastructure with funding expected to come from a proposed tax increase on large corporations. Critics have warned that Biden's plan will lead to hyperinflation, even an inflationary collapse, and cause a capital flight.
Biden's plan proposes raising the corporate income tax to from 21 percent to 28 percent, introduce a global tax of 21 percent and eliminate deductions for offshoring businesses. Biden also promised that no American earning less than $400,000 each year will see a tax increase.
The White House, citing a recent study, said 91 Fortune 500 companies paid no Federal income tax in 2018.
