Biden wants a 28% corporate tax rate because hes sick and tired of ordinary people being fleeced

  • Biden forcefully defended his proposed corporate tax hike, while saying he was open to a compromise.
  • He said he’s “sick and tired of ordinary people being fleeced” while large firms get away with little or no income taxes.
  • Biden cited a recent report that indicated 55 large US companies paid no federal income tax last year.
  • See more stories on Insider’s business page.

President Joe Biden made a forceful pitch for his massive infrastructure package on Tuesday, arguing his proposed 28% corporate tax hike would level the playing field between large companies and average Americans.

“I’m not trying to punish anybody, but dammit — maybe because I come from a middle class neighborhood — I’m sick and tired of ordinary people being fleeced,” Biden said in an afternoon speech.

The president also blasted companies that pay little or no federal taxes without naming them. He cited a recent report from the left-leaning Institute on Taxation and Economic Policy that found 55 US multinational corporations paid $0 in income taxes last year.

“That’s just not fair. That’s not fair to the rest of the American taxpayers. We’re going to try and put an end to this — not fleece them, 28%,” he said. “If you’re a mom or dad, cop, firefighter, police officer, et cetera, you’re paying close to that in your income tax.”

While he signaled he was open to negotiate his proposed 28% corporate tax rate, a key plank to raise revenue for infrastructure, he stressed the need to pay for his massive $2 trillion jobs plan.

“I’m wide open, but we got to pay for this. I am willing to negotiate that,” he said.

This story will be updated.

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