Biden will pressure US companies to pay ‘acceptable’ taxes on Wednesday

Biden will pressure US companies to pay ‘acceptable’ taxes on Wednesday

U.S. President Joe Biden comments on the status of the coronavirus vaccine (COVID-19) from the State Dining Room at White House in Washington, D.C., U.S., on April 6, 2021. REUTERS / Kevin Lamarque

Biden faces stiff opposition from Republicans, companies and even others in his Democratic Party on key issues over a proposal he made last week, which must be approved by Congress in order to be implemented.

The president will try to include those opponents in a speech in which he “will challenge critics to explain why it is acceptable for 91 large companies to pay zero in corporate taxes in 2019, or to specify which parts of this package they do not offer ‘I think is appropriate,” which reviewed the words of Biden, who also denied his name.

Biden will deliver the speech at the Eisenhower Executive Office Building, across the street from the White House.

Biden plans to invest more than eight years in the use of roads and bridges, reintroduce homes, expand broadband internet access, care for the elderly, build local producers and build a high-speed railway.

The bulk of the budget for this proposal will result in a significant increase in the company’s tax rate to 28%, up from the 21% tax levied by then President Donald Trump’s 2017 tax bill.

The Biden program also raises taxes on overseas corporate income and introduces a lower tax on the profits they report to investors.

On Wednesday, the Treasury released details of tax items for the proposal, including plans to increase audit and law enforcement, which it said would raise about $ 2.5 trillion in 15 years.

“The world’s largest companies, including Amazon – have used a variety of platforms and therefore have not paid a single penny for corporate tax,” Biden said in launching the program. “I don’t want to punish them, but that’s not right.”

Amazon.com Inc. chief executive Jeff Bezos on Tuesday said he supported US corporate tax increases as part of infrastructure reform. But a carefully written statement ceased to allow for full fulfillment of Biden’s tax objectives and expenditures.

The business community and the Republicans have been wary of criticizing the proposal. The U.S. The Chamber of Commerce, the largest group in the U.S., last month called Biden’s proposed rise in corporate rules a “dangerous distortion” and warned that it would “slow down economic recovery and make the U.S. less competitive in the world.”