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Biden Offers Major Concession on Corporate Taxes

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“President Biden signaled at a private meeting on Wednesday that he would support significant revisions to his tax proposal to win Republican backing on a broader infrastructure package, outlining a plan for about $1 trillion in new spending financed through tax changes that do not appear to raise the top corporate rate,” the Washington Post reports.

“Biden’s new offer amounted to a major concession after Republicans said his earlier proposal to lift the corporate tax rate from 21% to 28% — a move that would unwind the tax cuts the GOP adopted in 2017 — amounted to a nonstarter.”

“Instead, Biden on Wednesday recommended a new, minimum corporate tax of 15%, seeking to take aim at dozens of profitable U.S. corporations that pay little to nothing to the federal government annually.”

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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