Topline
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.
President Joe Biden on Tuesday April 6, 2021 in Washington.
Highlights
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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