Biden offers tax concession in infrastructure talks with key Republican

Biden offers tax concession in infrastructure talks with key Republican

President Biden signaled at an informal meeting Wednesday that he would support a major amendment to his tax proposal to gain Republican support for a broader infrastructure package funded by a tax increase of about $ 1 trillion. .. did. Clarified the outline of the new spending plan. Highest corporate tax rate.

Mr. Biden’s new proposal is a big concession.

Biden still wants to raise the corporate tax rate to 28%, but it could be done outside of infrastructure negotiations.

Instead, Biden recommends a new minimum corporate tax rate of 15% on Wednesday, targeting dozens of profitable American companies with little or no federal payments each year. Said. Anonymous condition. , Is saying. The White House also proposed strengthening legislation on wealthy businesses and individuals who rely on the lagoon to reduce their tax burden, he said.

This proposal represents the White House’s attempt to pierce the delicate political needles. His goal is a “red line” set by Republicans who see tax cuts from 2017 as a significant economic outcome. In the 2020 elections, the president has promised not to raise taxes on Americans with an annual income of less than $ 400,000 .. Protect.

Mr Biden has always blamed the fact that some of the country’s most profitable businesses are not paying taxes. In his first speech at Congress last month, he closed the “tax loophole” and “It’s time to reform corporate taxes to pay a fair share and help pay for the public works carried out.

Biden spoke in a meeting with Republican Senator Shelley Moore Capito (RW.Va.) On Wednesday about his new proposal to amend the $ 2.2 trillion employment plan. And the wealthy.

Despite the new tax incentives, his $ 1 trillion White House project is what Republicans have been willing to spend on improving US roads, bridges, pipelines, ports and internet connectivity. .. Equivalent to 4 times. Country. Republican leaders attending the meeting maintained unwavering opposition to tax increases to fund infrastructure reforms and supported new spending of about $ 257 billion.

Instead, Republican leaders have asked the White House to reuse unused coronavirus rescue aid now that the pandemic is improving. The White House will reprogram the existing stimulus dollar. According to sources, he expressed particularly limited hope, perhaps between $ 70 billion and $ 75 billion.

Republican leaders are still deciding whether to propose another counter-proposal or abandon the negotiations altogether, but another source familiar with the negotiations said they would meet again on Friday …

Capito is not responding to comment requests. The White House didn’t react either. Politico first reported on the $ 1 trillion offer.

The latest exchange took place when senior White House officials began signaling that there was no more time for a bipartisan agreement. Mr. Biden has been working to secure Republican infrastructure support after advancing the latest economic policy priorities of the $ 1.9 trillion coronavirus support package, but will negotiate indefinitely. Revealed.

Patience is not endless and we want to make progress. White House spokesman Jen Psaki said Wednesday. He said, “He wants to sign the bill this summer.

As before, Biden could only use Democratic votes to drive parliamentary infrastructure reform, but the president himself decided what was needed for infrastructure reform and how to pay for it. I was able to decide. Given the dominant opinion within the party, this path may be full of unique political challenges.

Some moderates, including Senator Joe Manchin I

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