Senate Majority Leader Mitch McConnell has firmly stated that he will oppose U.S. President Joe Biden’s $ 2.25 trillion infrastructure plan in any way whatsoever.
Biden had previously expressed his hope that the proposal would attract bipartisan support, but McConnell vehemently said Republicans would oppose the plan.
This follows Biden's proposal to raise the corporate tax rate to help fund the project from 21% to 28%.
"This is the wrong prescription for America," he told a news conference. The proposal is said to have no support from Republicans because a big tax hike is the last thing the economy needs.
For the record, during the Donald Trump administration, Republicans had lowered the corporate tax rate from 35% to 21% in 2017, so it’s no surprise if this increase by Biden will arouse their anger.
This is indeed to be expected by the market given that Republicans have expressed their opposition before.
