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In a concession to Republicans, President Joe Biden proposed that instead of raising the corporate tax rate to pay for a bipartisan infrastructure package totaling at least $1 trillion, they'd work to ensure corporations don't exploit tax loopholes.
But the president still supports raising corporate taxes to cover other parts of his agenda, the White House said. Biden's latest infrastructure counteroffer, proposed to Republican senators this week, would keep intact President Donald Trump's 2017 tax cuts that they oppose unwinding, calling it a "red line" in their negotiations with the White House. The tweaked proposal would no longer raise the corporate tax rate from 21% to 28%, relying on other funding components of Biden's American Jobs Plan: beefing up tax enforcement on the country's wealthiest earners and ensuring the largest corporations – some of which have avoided paying any taxes because of loopholes – pay at least a minimum of 15%.
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