Biden backs down from corporate tax hike as infrastructure negotiations continue

President Joe Biden this week continued to pursue a path toward advancing his multitrillion-dollar infrastructure spending package.

In a move that surprised many observers, he offered a compromise to Republicans that included keeping in place the tax cuts passed by former President Donald Trump in 2017.

Infrastructure negotiations continue

With a price tag of nearly $2 trillion, a major point of contention between the two parties has been how the proposal would be funded.

The president’s original plan included tax increases on corporations and wealthy Americans. Specifically, he favored hiking the corporate tax rate from 21% to 28%, undoing Trump’s tax breaks.

Congressional Republicans were adamantly opposed to the idea and countered with an infrastructure plan worth nearly $1 trillion that would have been partially funded by leftover funding from COVID-19 relief legislation.

Biden and Democratic lawmakers made it clear that the GOP proposal was a nonstarter.

Over the past week, Biden has been busy negotiating with U.S. Sen. Shelley Moore Capito (R-WV), her party’s lead negotiator on infrastructure. It was during these negotiations that the president made his notable counteroffer.

Both sides offer compromises

He affirmed that he would be willing to forego the corporate tax rate increase, reportedly suggesting other funding methods including increased tax enforcement.

The prospect of raising taxes has long been a central complaint among GOP legislators, as Senate Republican Leader Mitch McConnell (R-KY) asserted in March.

“It’s like a Trojan horse,” he told reporters at the time. “It’s called infrastructure, but inside the Trojan horse it’s going to be more borrowed money and massive tax increases on all the productive parts of our economy.”

As for the specifics of the infrastructure plan itself, however, a fundamental disagreement between the parties appears to persist despite the robust and ongoing negotiations. Talks are set to resume between Biden and Capito next week.

White House press secretary Jen Psaki provided an update without offering many specifics about the root of the impasse, explaining: “The president expressed his gratitude for her effort and goodwill, but also indicated that the current offer did not meet his objectives to grow the economy, tackle the climate crisis, and create new jobs.”

Share on facebook
Share To Facebook

Welcome to our comments section. We want to hear from you!

Any comments with profanity, advocacy of violence, harassment, personally identifiable information or other violations will be removed. If you feel your comment has been removed in error please contact us!

12 Responses

  1. I am making a good salary from home $6580-$7065/week , which is amazing under a year ago I was jobless in a horrible economy. I thank God every day I was blessed with these instructions and now it’s my duty to pay it forward and share it with Everyone,

    Here is I started.…………… https://www.CashApp1.Com

    1. I am now making extra $19k or more every month from home by doing very simple and easy job online from home. I have received exactly $20845 last month from this home job. Join now this job and start making extra cash online by follow instruction on

      the given website……………. https://www.paybuzz1.com

  2. Start your home business right now. Spend more time with your family and earn. Start bringing 99$ per hr just on a computer. Very easy way to make your life happy and earning continuously…. …………….. http://Www.Jobcash1.com

  3. You Might Like
  4. A Divorced Mom With 4 Kids Lost Her Job in Pandemic, But Was Able To Stay On Top By Banking Continuously 15000 Dollars Per Week With An Online Work She Found Over The Internet .TRUMP TO WIN AND GIFT FF T0 THE J0BS Before Elections But Unfortunately Election Fraud. It’s easy, just follow instructions on home page, read it carefully from start to finish Check The Details…..http://snag4.com/

  5. Google is by and by paying $27485 to $29658 consistently for taking a shot at the web from home.HKJ I have joined this action 2 months back and I have earned $31547 in my first month from this action. I can say my life is improved completely!
    Take a gander at it what I do………………………….. http://www.Cash44.club

  6. Here is Job opportunity for everyone! Because of Corona Work from comfort of your home, on your computer And you can work with your own working hours. You can work this job As part time or As A full time job. You can Earns up to $1000 per Day by way of work is simple on the web. It’s easy, just follow instructions on home page,

    read it carefully from start to finish Check The Details…… http://www.Paybuzz1.com

  7. Previous posted promises of riches and success beyond imagining are simply criminal propaganda proven time and time again to be nothing more than another pyramid scheme. . . Jump right in and make yourselves willing slaves to their Ponzi schemes

  8. $16,000 or even more is very simple and easy to earns while staying and working online. start receiving paychecks every month simply by doing work online. i recently received $17493 in my bank of my last month’s working. i just gave this job 2 hours maximum from my day. simple and easy home based job. go here for info >>>>>>>>>> http://worknet30.com/

  9. I am making a good salary from home $6580-$7065/week , which is amazing under a year ago I was jobless in a horrible economy. I thank God every day I was blessed with these instructions and now it’s my duty to pay it forward and share it with Everyone,
    Here is I started.…………… https://WWW.CashApp1.Com

  10. I am now making extra $19k or more every month from home by doing very simple and easy job online from home. I have received exactly $20845 last month from this home job. Join now this job and start making extra cash online by follow instruction on

    the given website…… https://www.Paybuzz1.com

  11. It sounds like Joe likes what President Trump did like finishing the border wall and keeping the Tax cuts. Probably because Joe and his administration can’t think about anything to do except destroying the Country.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Latest Posts