Joe Biden’s plan fails: No higher corporate taxes

US President Biden

Joe Biden had promised to burden America’s super-rich more in favor of the lower classes. He is unlikely to be able to keep this key campaign promise.

(Photo: Reuters)

Washington US President Joe Biden is likely to have to break a key promise on his economic agenda. For the first time, Biden admitted that a planned increase in corporate tax in the US was off the table. “I have to compromise,” he said on Thursday evening when he asked questions about current politics on a program on CNN.

In the presidential election campaign, Biden had advertised, among other things, that he wanted to increase the corporate tax rate from 21 to 28 percent. A model of the Democrats in the US Congress had recently targeted a rate of 26.5 percent. The higher taxes should be used for a billion dollar package that includes massive investments in social programs and climate protection.

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