U.S. Senator John Boozman has said he does not favor raising the corporate tax rate to help fund a massive infrastructure plan pitched by President Joe Biden.
Boozman, talking with KTLO’s Bob Knight in a drop-in interview during a Tuesday visit to the Twin Lakes Area, said he favored keeping the corporate tax rate at 21 percent. Biden is seeking to raise the corporate tax rate to 28 percent after his predecessor, President Donald Trump, had lowered the corporate rate from 35 to 21 percent.
Boozman, a Republican, said his constituents were worried about the potential rise in taxes.
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Biden has said he hopes to raise the corporate tax rate to help pay for a $2 trillion infrastructure plan, dubbed the American Jobs Plan. But only about $650 million of that plan actually relates to infrastructure like roads, bridges and airports, Boozman said. The remainder of the funds would go to projects that address topics like energy efficiency, investing in research and development and improving wages and benefits for employees.
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GOP leader Mitch McConnell has already said the president’s plan won’t get a single Republican vote. The universal lack of Republican support spoke volumes about the plan, Boozman said.
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The president is currently trying to sell the plan to members of his own party, some of whom have said they will not support the plan if the corporate tax rate is raised to 28 percent.
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