U.S. President Joe Biden to corporate 25%-28% tax rate as support for funding infrastructure

Biden open to accept 25% corporate tax rate to fund spending programs

President Joe Biden suggested that a corporate tax rate of 25 to 28 percent could help pay for badly needed infrastructure, implying that he would be willing to accept a lower rate than what he has proposed in order to gain Republican support for the funding.

"The way I can pay for this, is making sure that the largest companies don't pay zero, and reducing the [2017 corporate] tax cut to between 25 and 28 percent," Biden said during a visit to Lake Charles, Louisiana.

In his $2.3-trillion infrastructure plan, the Democratic president initially proposed raising the corporate tax rate from 21 to 28 percent.

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The U.S. corporate tax rate dropped to 21 percent from 35 percent after the 2017 tax cut pushed by then-President Donald Trump and his fellow Republicans, but many big U.S. companies pay much less.

Biden's push to spend more federal money on schools, roads, job training and other public works, and to tax the wealthiest Americans and companies to pay for it, is popular with voters of both parties. But the plans face stiff opposition from Republican lawmakers.

Congressional Republicans oppose Biden's proposed infrastructure spending, citing higher taxes levied on corporations would cost jobs and slow the economy.