Reporters asked Biden about his proposed corporate tax increase from 21 percent to 28 percent. The increase would pay for his massive $2.5 trillion infrastructure proposal.
One reporter asked Biden if he was worried about companies potentially leaving the United States if he successfully raised corporate tax rates.
“Not at all. Not at all,” Biden replied. “Because there’s no evidence of that.”
Many of Amerian’s top companies paid nothing in federal taxes, Biden complained.
“You’re talking about companies in the Fortune 500 that haven’t paid a single penny in tax for three years,” he said. “Come on man.”
Under former President Donald Trump, the Republicans brought the corporate tax rate down from the fourth-highest income tax rate in the world in 2017 to a more competitive rate.
Biden said he was concerned other countries were spending billions on infrastructure and getting ahead of the United States.
“Everybody else in the rest of the world is investing billions and billions of dollars in infrastructure and we’re going to do it here,” he said.
Biden also criticized Republicans for attacking his bill for spending billions on infrastructure.
He argued that replacing lead pipes and asbestos in schools is infrastructure. He also said his proposed spending on high-speed rail and improving federal buildings to make them more energy-efficient is infrastructure.
“That’s infrastructure, in addition to roads and bridges and broadband,” he said