President Biden has offered an alternative to the Senate Republicans to tax hikes that he proposed initially to pay towards one sweeping infrastructure idea, as per two sources having knowledge about the proposal.
On Wednesday, in one meeting with Senator Shelley Capito, Biden said that tax boosts pay for majority of the idea but indicated he was ready to support a small rise than he initially had requested.
The first proposal of Biden was based on raising corporate tax to 28% from 21% as the main source to pay towards infrastructure bill. The Republicans refused this and did not seem to have Democratic backing either.
Biden, on Wednesday, presented Capito an array of tax increases that did not reverse anything in 2017 tax bill. The Republicans, meanwhile, have said that they think the tax cut is a major legislative accomplishment and aren’t willing to undermine these cuts for paying towards infrastructure.
On the other hand, Biden called for a minimum of 15% corporate tax and stricter enforcement on highest earners, informed a source having knowledge about the meeting. This proposal is Biden’s attempt to prevent the corporations from utilizing loopholes and tax breaks to get rid of their tax burden, said the source.