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New York (77WABC) – President Joe Biden proposed a 15% minimum tax on corporations as a compromise to Republicans for infrastructure improvements, according to AP News. Jen Psaki, the White House Press Secretary, said that the president was looking for a “common ground” with Republicans.
Biden has proposed raising the corporate tax from 21% to 28%, but since that undoes former President Trump’s tax cuts, Republicans are not in favor of it. Some Democrats, like Senator Joe Manchin from West Virginia, suggested 25% instead of 28%, according to Business Insider.
Republicans would prefer to use unspent coronavirus relief money, but Democrats are not on board.
Senate Republican leader Mitch McConnell said, “Let’s reach an agreement on infrastructure that’s smaller but still significant, and fully paid for.”
