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- Biden proposes 15% corporate minimum tax to win Republican backing of infrastructure plan
Biden proposes 15% corporate minimum tax to win Republican backing of infrastructure plan
Reuters reports that U.S. President Joe Biden offered to scrap his proposed corporate tax hike during negotiations with Republicans, in what would be a major concession by the Democratic president as he works to hammer out an infrastructure deal.
Biden offered to drop plans to raise corporate tax rates as high as 28% and instead set a minimum 15% tax rate aimed at ensuring all companies pay taxes, sources said.
In return, Republicans would have to agree to at least $1 trillion in new infrastructure spending, one source said. And Biden has not given up on seeking as much as $1.7 trillion.
With the change, funding for the plan would lean heavily on increased tax enforcement, scrapping inheritance tax breaks for wealthy families as well as other sources like $75 billion in unspent COVID-19 relief funds, one source said.
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