Commerce Secretary Suggests "Room for Compromise" on Corporate Tax Levels to Pay for Infrastructure Plan

Commerce Secretary Gina Raimondo tells reporters at a White House briefing that "there is room for compromise" on the level of corporate taxes to pay for the president's infrastructure plan. " She also disputes that the 2017 tax cuts increased growth or productivity and says the corporate tax structure is broken and that it needs to be improved. The Biden proposal would increase corporate taxes from 21 to 28 percent, making them one of the highest in the world, but less than the 35 percent they were before being cut in 2017 under the Trump administration's tax cuts. "We need to pay for what we're doing. Our proposal is to invest in eight years and pay back over 15. Now we can have a discussion about that. Should we pay it back over 20 instead of 15. Is the rate not quite 28, is it something lower. We want compromise. What we cannot do--and what I am imploring the business community not to do--is to say: 'We don't like 28, we're walking away, we're not discussing.' That's unacceptable. close