President Joe Biden would amend his infrastructure package to get Republican’s support, according to The Washington Post. The new plan proposes raising $1 trillion through tax amends that will not increase top corporate rate.
Biden had proposed raising corporate tax from 21% to 28%, a move Republicans faulted forcing the President to reconsider.
Biden’s new tax recommendation targets U.S corporations that are profitable but pay less or nothing to the federal government yearly.
Biden is in a tight race to preserve his 2020 campaign promise not to increase taxes for Americans earning less than $400,000 yearly.
Biden presented a revision to his earlier budget of $2.2 trillion plan in a meeting with GOP chief negotiator on infrastructure Sen. Shelley Moore.
The revised amount of $1 trillion is still four times more than Republicans planned for use on the country’s infrastructure.
The amount GOP leaders support is $257 billion, strongly fighting any type of tax raise for infrastructure improvement.
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