President Biden offered to scrap his proposed corporate tax hike during negotiations with Republicans on an infrastructure plan, a source familiar with the matter said Thursday, as the two sides strive to strike a bipartisan deal.
The source told FOX Business that Biden is willing to drop a plan to raise the corporate tax rate to 28% from 21% – a move that would roll back a key part of the GOP 2017 tax overhaul – and instead offered to pay for the infrastructure plan by imposing a higher global minimum rate of 15% on U.S. companies’ foreign earnings. In exchange, Republicans would have to agree to up their spending offer.
The person familiar with the matter cautioned that Biden has not changed his overall position about reversing the Trump-era Tax Cuts and Jobs Act and is still committed to raising the rates paid by corporations and wealthy Americans.
“In the interest of reaching across the aisle and finding a practical agreement, in the context of these negotiations specifically, this was a solution he put forward,” the person said.
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