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Politics 65% of voters support corporate tax hikes to pay for Biden's infrastructure plan, new poll finds

19:15  08 april  2021
19:15  08 april  2021 Source:   businessinsider.com

Biden to propose $2 trillion infrastructure, jobs plan funded by corporate tax hike

  Biden to propose $2 trillion infrastructure, jobs plan funded by corporate tax hike The White House is comparing President Joe Biden's infrastructure proposal to the construction of interstate highways and the Space Race.The White House is billing the proposal, dubbed the American Jobs Plan, as a domestic investment not seen in the U.S. since the construction of the interstate highways in the 1950s and the Space Race a decade later.

Joe Biden wearing a suit and tie: President Joe Biden. Alex Wong/Getty Images © Provided by Business Insider President Joe Biden. Alex Wong/Getty Images
  • A Morning Consult/Politico poll found 65% of voters support a corporate tax hike to fund infrastructure.
  • It also found that three-fourths of voters agree corporations should pay higher taxes.
  • While Biden proposed raising the corporate tax rate to 28%, he expressed willingness to negotiate with the GOP on its size.
  • See more stories on Insider's business page.

The $2.3 trillion infrastructure plan President Joe Biden unveiled last week includes a proposed corporate tax hike to 28%, and voters seem to like it, even a significant minority of Republicans.

Biden releases breakdown of what needs fixing for infrastructure plan

  Biden releases breakdown of what needs fixing for infrastructure plan Republicans slammed President Joe Biden's $2.7 trillion infrastructure plan as a 'dog's breakfast of slush funds' for Democrats as White House releases state-by-state breakdown of what needs fixing.Biden will host four GOP lawmakers - along with four Democratic ones - on Monday to discuss his massive infrastructure plan, which Republicans have criticized for containing more than traditional infrastructure projects.

A Morning Consult/Politico poll released on Wednesday found that 65% of all voters support corporate tax hikes to pay for Biden's infrastructure plan, with 85% of Democrats, 60% of Independents, and 42% of Republicans supporting the tax hike. It also found that 53% of voters overall support infrastructure improvements with an increased corporate tax rate.

"On a broad level, nearly three-quarters of voters agree that corporations should pay higher taxes, including 85% of Democrats and 59% of Republicans," the poll said.

Here are the other main findings of the poll:

  • 21% of all voters somewhat or strongly oppose corporate tax hikes to fund infrastructure;
  • Republican voters were split on funding infrastructure this way, with 42% supporting Biden's plan to raise corporate taxes and 47% opposing it;
  • And when given the choice between making infrastructure improvements through corporate tax hikes or improving infrastructure only if it were done without tax increases, 53% of voters backed the former option.

The poll also found that only 4% of voters said infrastructure improvements aren't worth doing at all.

Louisiana Legislature prepares to enter tax-heavy session

  Louisiana Legislature prepares to enter tax-heavy session "Tax reform" means different things to different people, but a lot of people across the political spectrum seem to think Louisiana needs it. © Provided by Washington Examiner As usual during odd-numbered years, the regular legislative session that starts Monday is focused on taxes and spending, though lawmakers can propose up to five nonfiscal bills each. Gov. John Bel Edwards, who saw his own attempt at a comprehensive tax overhaul rebuffed in 2017, did not include any tax measures in his legislative agenda.

While the majority of voters might support raising taxes to fund infrastructure, Republican lawmakers have already come out against this. Senate Minority Leader Mitch McConnell said last week that Biden's plan will not get any Republican votes in the Senate because "the last thing the economy needs right now is a big, whopping tax increase."

This came after he released a statement calling the president's infrastructure plan is a "Trojan horse" for tax hikes.

Democratic senators have also expressed concerns with the plan. Sen. Joe Manchin of West Virginia said on a West Virginia radio show that "as the bill exists today, it needs to be changed." He said he does not support Biden's plan to raise the corporate tax rate from 21% to 28%, and when asked if he would not support a bill with a 28% corporate tax rate, Manchin said: "Well, the bill basically is not going to end up that way."

Voters support paying for infrastructure with taxes, especially a tax on the wealthy, poll says

  Voters support paying for infrastructure with taxes, especially a tax on the wealthy, poll says A Morning Consult/Politico poll found that over half of voters - including a third of Republicans - support paying for infrastructure with tax hikes.Notably, respondents were polled on funding for a $3 trillion infrastructure plan, whereas Biden is reportedly planning $4 trillion of spending in two parts, and debuted the $2 trillion first part on Wednesday.

On Wednesday, the Biden administration unveiled a proposal for a series of corporate tax hikes, projecting they would raise $2.5 trillion over 15 years. This followed the Treasury Department's 19-page plan it released hours earlier, which included raising the corporate tax rate from 21% to 28%, establishing a global minimum tax for multinational corporations, and ending profit offshoring.

Biden said on Wednesday that he would be willing to negotiate with Republicans on the size of the corporate tax increase.

"I'm wide open, but we got to pay for this," Biden said. "I am willing to negotiate that."

Read the original article on Business Insider

82 unions and liberal groups urge Biden to go bigger on tax hikes and hold the wealthy accountable .
The AFL-CIO and Americans for Tax Fairness were among the many groups advocating for tax hikes on the wealthiest Americans.On Tuesday, 81 national organizations, led by Americans for Tax Fairness, sent a letter to Biden and Vice President Kamala Harris, commending the administration's efforts to raise taxes on the wealthiest Americans and encouraging the president to go further. The letter said Biden's tax plans were the "boldest of any major party presidential nominee in modern American history.

usr: 0
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