Did Joe Biden just cave on corporate taxes?
According to a new report in The Washington Post, the President will no longer push for hike on corporate taxes to 28% from the current 21%.
Republicans have pointed to that tax hike as a “non-starter” and will Senator Joe Manchin expected to side with the GOP on this issue, Biden’s tax hikes have been viewed by many as D.O.A.
Instead, the administration is expected to propose a 15% minimum corporate tax on all U.S. companies which would act as a kind of floor, to ensure that every company pays some tax.
In addition, the President has indicated he is willing to slash his infrastructure proposal to $1 Trillion dollars. Nonetheless, this is four times the amount proposed by GOP leaders who have recommended a $257 infrastructure plan.