Pres. Biden proposed an infrastructure package worth $1 trillion in new spending that would be funded without raising the corporate tax rate during a meeting Wednesday with the top Republican negotiator on the package.
by sidestepping the president's previously proposed corporate tax rate hike. It would instead implement a minimum corporate tax rate of 15%, aimed at some of the most profitable corporations in the country.
"This should be completely acceptable to a number of Republicans who have said that they -- they want to leave -- their bottom line is they want to leave the 2017 tax law untouched," Psaki said.White House press secretary Jen Psaki speaks during a press briefing at the White House, June 3, 2021. Psaki on Thursday said discussions between the administration and Republicans are continuing in"good faith" and refused to set a deadline for talks, but the Monday deadline for progress set by Transportation Secretary Pete Buttigieg this past Sunday is drawing near.
Republicans have argued that things like child care, home care, work training and other"human infrastructure" elements of the White House package have no place in an infrastructure bill. A source familiar with negotiations said that the new Biden proposal decreases spending on some of the things Republicans have objected to, such as caregiving, electric vehicles and construction costs for schools and homes, but the difference in cost is still significant.
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