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Biden Economic Advisor: No tax increases on people earning less than $ 400,000

One of his economic advisers Joe Biden told reporters on Tuesday (April 13) that, although Mr. Biden was willing to “compromise” when it came to his infrastructure bill, he would not agree to raise taxes on those earning less than $ 400,000 per year.

According to The Washington Times, Jared Bernstein, a member of the Economic Advisory Council, said just outside the White House: “He [Biden] said [like this], and I would like to quote…” Compromise is inevitable. ‘ And that’s part of the way Joe Biden works. I mean, he’ll always put his hand over, try to cooperate. ”

“But there are a few points about this: One, if you have another payout, take some consideration, but it can’t break the $ 400,000 limit, right?” Mr. Bernstein added. “He [Biden] has always argued that any tax increase must be guaranteed not to harm anyone who makes less than $ 400,000 a year. So he won’t follow that rule, and that’s probably the right way to think about it. “

Biden had previously rejected the idea of ​​raising gas taxes during a meeting with lawmakers earlier this week. Instead, he proposed increasing the corporate tax rate to 28%, in the hope of increasing the revenue to about $ 2.5 trillion to recoup the $ 2.3 trillion spending package. Tax hikes are also seen as a major way to fund Mr. Biden’s $ 2 trillion infrastructure plan.

In this regard, Republicans have vowed to oppose any attempt to raise corporate tax rates, which were already reduced from 35% to 21% in 2017 under Republican tax laws.

Trade groups, including the US Chamber of Commerce and Democratic Senator Joe Manchin (West Virginia), say the 28% rate of the corporate tax is too high. The White House side also knows that the proposed 28% increase will face opposition, from both Republicans and Democrats.

Republican Senator Mitt Romney (Utah) added that the increase in corporate tax rates may cause some companies to relocate outside of the United States.

“But I want to look at the rules, in which people who get the benefits [in fact] are still paying for it,” he said. Use fees, gas taxes, those charges … If we are going to provide benefits to certain segments of our society, then it may be reasonable to consider. “

White House Press Secretary Jen Psaki said on Tuesday (April 13) that Mr. Biden was not trying to fund his infrastructure bill “based on the support of the American people”.

“He is definitely eager to hear from Democrats and Republicans on alternatives,” she added.

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