Biden Offers $1 Trillion Infrastructure Bill Funded by Corporate Tax Hike, 15% Tax Minimum
Biden offers tax deal to Republicans in infrastructure talks
President Joe Biden is trying to break a logjam with Republicans on how to pay for infrastructure improvements, proposing a 15% minimum tax on corporations and the possibility of revenues from increased IRS enforcement as a possible compromise.
The offer was made Wednesday to Republican Sen. Shelley Moore Capito of West Virginia as part of the bipartisan negotiations and did not reflect a change in Biden’s overall vision for funding infrastructure.
Biden to GOP: $1 trillion in infrastructure spending paid with corporate tax hike
President Joe Biden is reportedly coming down on the price tag on an infrastructure package in hopes of coming to a bipartisan compromise with a group of Republican senators, but new spending and corporate tax hikes remain sticking points in negotiations.
In about an hourlong meeting with Republican negotiator West Virginia Sen. Shelly Moore Capito on Wednesday, Biden asked for $1 trillion in new spending on top of a baseline of $400 billion over five years, according to CNN and Politico.
Biden offers tax concession in infrastructure talks with key Republican
President Biden signaled at a private meeting on Wednesday that he would be open to significant revisions on the size of his infrastructure package and how it would be paid for in order to win Republican support, outlining a plan for about $1 trillion in new spending financed through tax changes that do not appear to raise the top corporate rate.
While Biden has not abandoned his call for these tax increases as part of his broader agenda, the moves are still a potential new concession in stalled talks over funding to improve the country’s roads, bridges, pipes and ports.