HomeLatest NewsUS lawmakers plan for new infrastructure without tax hikes

US lawmakers plan for new infrastructure without tax hikes


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Washington| A group of US lawmakers is preparing a proposal for a new infrastructure without any tax hikes to join the administration of President Joe Biden. The group of senators includes at least five Democrats and a few more Republicans, Xinhua news agency quoted a Bloomberg News report on Wednesday. They have decided to formulate a resolution against using corporate or individual income tax hikes for spending on infrastructure-related projects.

Republican Senator Mitt Romney of Utah, who played a leading role in drafting the proposal, said in the report, there has been no tax increase. It’s like a red line for us.

Romney noted that the key to determining whether this group can submit a motion to the Biden administration this week is Whether or not there is enough support from other Republican senators for our proposal.

The move comes after Biden ended infrastructure talks on Tuesday with a group of Senate Republicans led by Senator Shelley Moore Capito.

“Despite the progress we’ve made in our negotiations, the president continued to respond with proposals that included tax increases as part of his payroll rather than several practical options,” Senator Capito, a Republican West Virginia, said in a statement. , which are not harmful to individuals, families and small businesses.

Biden had originally proposed raising the corporate income tax rate from 21 percent to 28 percent to help pay for his $2.3 trillion infrastructure plan, which was opposed by Republicans and the business community.

The White House later lowered the total price tag to $1.7 trillion, while Senate Republicans offered a counter-offer of $928 billion.

Many Republicans have insisted they will not vote in favor of raising taxes to pay for the infrastructure plan.

More than two dozen groups representing American businesses and employers recently formed a coalition to oppose Biden’s plan to raise taxes. They argue that such measures will disrupt the economy in the wake of the Covid-19 pandemic.

–IANS

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