Biden says no evidence higher corporate taxes will drive companies overseas

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The ruling is a key step for Democrats as they weigh their options for moving infrastructure legislation, potentially giving them a route to pass new legislation without Republican votes.

Corporate tax hikes included in Biden's $2 trillion infrastructure plan may cause damage to the USA economy that could outweigh the benefits provided by the proposal, claims a new study by the Tax Foundation think-tank that was released in late March.

That would not prevent the government from later pushing other aspects of its plan with a partisan vision, he added.

The think-tank study concluded that "the economy would be better off if the $2 trillion in taxes that President Biden wants to finance his package were left in the hands of the private sector".

Senate Majority Leader Chuck Schumer's spokesman told CNN in a statement Monday that "the Parliamentarian has advised that a revised budget resolution may contain budget reconciliation instructions".

He said the highest rate he could support is 25%.

"I've spoken to the White House several times and said, 'You have an easy bipartisan win here if you keep this package focused on practically the infrastructure", said the Republican official on the network's program. "But there is still a great deal that needs to be worked out", the aide said.

"Across 15 years, it would raise all of the revenue needed for these once-in-a-lifetime investments", he said.

Ontario entering four-week province-wide shutdown effective Saturday
Ontario's science advisers are suggesting a stay-at-home order is needed to control Ontario's third wave of COVID-19. Schools are slated to reopen after the end of this week's postponed spring break, which concludes on April 9.

But the proposal announced this week faces major obstacles in Congress amid criticism from the Republican Party and business lobbies that They oppose the rise in corporate taxes with which the plan is meant to finance.

"Right now, we're still coasting off of infrastructure choices that were made in the 1950s", Buttigieg said on NBC.

The President noted that infrastructure has historically been a bipartisan undertaking, but the issue of how to pay for the proposal is where the negotiations on Capitol Hill are likely to get sticky.

US President Joe Biden rolled out his infrastructure plan last week, particularly asking to increase the corporate tax rate from 21% to 28%, while also skyrocketing the global minimum tax on US corporations, to 21% from 13%.

Billed "The American Jobs Plan", Biden's proposal would heavily invest in rebuilding the nation's crumbling infrastructure and shift to greener energy over the next eight years.

Despite his promise, Biden said after Easter break he will meet with lawmakers to push the plan forward.

Biden's plans have drawn criticism from both Republicans and Democrats, including Democratic Senator Joe Manchin, whose support could be critical to ensuring passage in a Senate split evenly between the two parties.

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