Joe Biden

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President Joe Biden may not achieve his proposed corporate tax rise to 28%, but lawmakers and corporations could agree on a 25% rate as a compromise, White House officials and business groups told Reuters.

The US corporate tax rate is 21%, but Biden wants to raise it to help fund his $2 trillion infrastructure plan. He defended his 28% rate proposal on Wednesday, saying he was “sick and tired of ordinary people being fleeced” while large firms paid little or no income tax — but added that he was “wide open” to negotiating a lower rate.

Reuters spoke to more than a dozen corporate and White House officials involved in the push for the infrastructure plan, and most said they expected Biden and business groups to agree on a tax rate of 25%. This would bridge the gap between industry leaders, who generally oppose a tax hike, and Democrat lawmakers, who are overwhelmingly in favor of the 28% rate.

“We don’t like it, but we expect to be at 25%,” a lobbyist at an unnamed top US energy firm told Reuters. “If so, we are going to consider that a win.”

The White House was open to discussing alternative …read more

Source:: Businessinsider – Politics


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