Biden Offers Major Concession on Corporate Taxes

“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.”