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Biden says he’s ‘ready to negotiate’ 28% corporate tax hike

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President Biden said on Wednesday he would be “willing to negotiate” the proposed increase in the corporate tax rate from 21% to 28% contained in his broad infrastructure plan.

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Raising corporate income taxes is one way the federal government can generate enough revenue to fund the Biden administration’s ambitious infrastructure and jobs spending proposal.

It’s a departure from the $ 1.9 trillion US bailout package, which was signed last month and funded almost entirely by new federal debt.

A smaller corporate rate hike could satisfy critics like Senator Joe Manchin, a moderate Democrat from West Virginia and a crucial decisive vote in the Senate who said he would be rather in favor of a 25% corporate rate .

Crucial quote

“I’m ready to listen to this,” Biden said Wednesday in response to a question of whether he would be prepared to accept a corporate tax rate of less than 28%. “But we have to pay for it… there are many other ways to do it, but I’m willing to negotiate this.

Further reading

New details of Biden’s $ 2 trillion tax plan revealed – here’s what we learned (UKTN)

Yellen pushes for global minimum tax in Biden infrastructure blitz (UKTN)

Here’s what’s in Biden’s $ 2 trillion infrastructure plan (UKTN)

Who will be the biggest losers from Biden’s tax hikes? (UKTN)


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