Biden Offers $1 Trillion Infrastructure Bill Funded by Corporate Tax Hike, 15% Tax Minimum
Headline Roundup June 3rd, 2021
President Joe Biden offered to lower his infrastructure deal to $1 trillion in an attempt to reach a bipartisan compromise on Thursday, the Washington Post reported. In the meeting with Sen. Shelley Moore Capito (R-W. Va.), Biden also proposed a 15% minimum tax on corporations, as well as possible revenues from increased IRS enforcement. The new proposal by Biden is significantly lower than his initial $2.3 trillion proposal; however, it is still higher than the Republican $928 billion counteroffer that would draw much of the money from unspent funds originally set aside for coronavirus relief legislation and $257 billion in new spending. Biden, however, is still reportedly still committed to funding the bill with a corporate tax hike, which the GOP has taken a firm stance against as it would undo the party's 2017 tax cuts. Biden is expected to meet again with Capito Friday.
Coverage from across the political spectrum analyzed the likelihood of the newest proposal gaining GOP approval. Right-rated outlets tended to highlight the fact that the new proposal would still be funded with a corporate tax hike; left- and center-rated outlets tended to focus on the 15% tax floor.
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.
White House press secretary Jen Psaki said Biden examined possible tax code changes from his plans that Republicans might...
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.
That would put Biden's new ask down from his initial $2.3 trillion proposal and the $1.7...
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...