[WHITE HOUSE PRESS SECRETARY JEN PSAKI] “The sausage making isn’t always beautiful or pretty, so that’s what we’re in the middle of right now….”
U.S. President Joe Biden offered a major concession to Republicans – scrapping his proposed corporate tax hike – as he works to hammer out an infrastructure deal.
The president , who initially sought to raise corporate tax rates as high as 28%, instead set a minimum 15% tax rate aimed at ensuring all companies pay taxes, two sources familiar with the matter said Thursday.
Republicans in 2017 passed tax legislation that set the corporate tax rate at 21%.
White House press secretary Jen Psaki: “This should be completely acceptable to a number of Republicans who have said they want to leave their bottom line of the 2017 tax law untouched.”
In return, Republicans would have to agree to at least $1 trillion in new infrastructure spending, one source said.
Psaki said the Biden administration was “open to other options,” as long as they do not hike taxes on people making less than $400,000 a year.
At an appearance in Kentucky Thursday, Senate Minority Leader Mitch McConnell said Republicans are still hoping to reach an agreement and that discussions were focused on “maybe $1 trillion” in spending.
Biden plans to meet with Republican Senator Shelley Moore Capito, the party’s main negotiator on infrastructure, on Friday.
Video Transcript
JEN PSAKI: The sausage-making isn’t always beautiful or pretty. So that’s what we’re in the middle of right now.
– US President Joe Biden offered a major concession to Republicans, scrapping his proposed corporate tax hike as he works to hammer out an infrastructure deal. The president, who initially sought to raise corporate tax rates as high as 28%, instead set a minimum 15% tax rate aimed at ensuring all companies pay taxes, two sources familiar with the matter said Thursday. Republicans in 2017 passed tax legislation that set the corporate tax rate at 21%. White House press Secretary Jen Psaki.
Story continues
JEN PSAKI: This should be completely acceptable to a number of Republicans who have said that they want to leave– their bottom line is they want to leave the 2017 tax law untouched.
– In return, Republicans would have to agree to at least $1 trillion in new infrastructure spending, one source said. Psaki said the Biden administration was quote, “open to other options, as long as they do not hike taxes on people making less than $400,000 a year.” At an appearance in Kentucky Thursday, Senate Minority Leader Mitch McConnell said Republicans are still hoping to reach an agreement, and that discussions were focused on, quote “maybe $1 trillion in spending.”
Biden plans to meet with Republican Senator Shelley Moore Capito, the party’s main negotiator on infrastructure, on Friday.