President Joe Biden said Wednesday hes open to compromise to reduce his proposed hike in the corporate tax rate as he seeks to fund his sweeping infrastructure and jobs proposal.
Im open to compromising, yes. It doesnt have to be exactly what I say, Biden said at the White House when asked if he would accept raising the corporate tax rate to 25% instead of the 28% he has proposed.
The president said he has spoken to chief executives about his planned tax increases on corporations, without naming them. But Biden said he would not back down from his demand that his proposed $2.25 trillion package be offset by raising revenue.
Im not willing to deficit spend, Biden said. They already have us 2 trillion in the hole.
The presidents comments send one of the strongest signals yet that if his economic proposal becomes law, it will likely be with a less drastic corporate tax hike.
Earlier: Manchin Balks at Bidens Corporate Tax Increase, Favors 25% Rate
Senator Joe Manchin, a centrist Democrat from West Virginia, has said he opposes raising the rate to 28% from the current 21%, but added that he could support a 25% tax. With near universal opposition expected from Senate Republicans, Biden cannot afford to lose the votes of any other Democrats if he seeks to use a special budget process to pass any tax increases.
Before it’s here, it’s on the Bloomberg Terminal.