Biden proposed a new minimum corporate tax rate of 15% targeted on profitable firms that pay minimum taxes to the federal government. On Wednesday, the president met with republican chief negotiator on infrastructure Shelley Moore Capito to discuss tax and infrastructure plans, according to the Washington Post.
- Biden proposed a new minimum corporate tax rate of 15% instead of the earlier corporate tax hike offer from 21% to 28%. This would’ve erased tax cuts the GOP pushed in 2017.
- During the discussions, Biden outlined a $1 trillion plan to finance infrastructure projects on roads, bridges, pipes, ports, and internet connections.
- Republican leaders endorsed only over a fourth of this, with $257 billion in spending which they maintained should not be funded by tax hikes.
- The two parties are scheduled to meet again on Friday, but the GOP is deciding whether to counter-offer or to completely shut down negotiations.
- White House Press Secretary Jen Psaki said Biden wants a measure passed this summer, and his patience is not unending.