US companies balk at tax hike to pay for Biden infrastructure plan

New York (AFP) – President Joe Biden’s ambitious infrastructure spending plan is brand new, but the package already is drawing condemnation from corporations who will face tax hikes to pay for the building program. Biden on Wednesday unveiled the far-reaching $2 trillion plan that aims to shore up the nation’s highways, bridges and ports, as well as funding telecommunications upgrades and research and development to boost competitiveness, especially compared to China. But a key source of the financing would come from a hike in the corporate tax rate to 28 percent from 21 percent. Biden’s prede…

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