Biden is reportedly open to keeping the corporate tax rate at 21%—but there's a catch by theothersarahh
In a major new offer to the GOP, President Biden on Wednesday suggested his flagship infrastructure package could be paid for with a new 15% minimum tax rate aimed at companies that pay little to no taxes rather than a hike of the corporate tax rate to 28%, thePresident Joe Biden speaks at a rally during commemorations of the 100th anniversary of the TulsaThe offer reportedly came during a meeting between Biden and Sen.
Biden has been adamant that the package be entirely paid for with tax hikes , but in general Republicans and many big businesses are opposed to raising taxes. , the Biden Administration also floated increased tax enforcement on corporations and high-earners to pay for the package—measures he had also proposed to pay for his American Families Plan, a separate initiative to increase government investment in childcare, family leave and education.
This wouldn’t be the first time the United States has levied a minimum tax on businesses. Trump’s 2017 Tax Cuts and Jobs Act repealed the previous alternative minimum tax on corporations.Whether congressional Democrats will attempt to pass Biden’s infrastructure bill this summer without any Republican votes if Biden’s talks with the GOP fall through. It’s possible Democrats will attempt to use a special budget process called reconciliation—the same method by which they passed the $1.
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