President Biden and Republicans continue to haggle over the scope of the president's massive infrastructure proposal, and new reports say Biden is willing to make a key concession. The Washington Post says the president is willing to forgo his demand that the top corporate tax rate rise from 21% to 28% to pay for the plan. Biden made the offer in person to the GOP's top negotiator, Sen. Shelley Moore Capito, on Wednesday, per USA Today. The two meet again on Friday. Republicans have insisted on keeping the 2017 tax cuts enacted by former President Trump in place, and Biden's concession would seem to meet that demand. However, the Wall Street Journal notes that the president floated a different tax option instead, one that would require the biggest US companies to pay a minimum corporate tax of 15%.
The latter "wouldn't directly reverse the 2017 law," notes the Journal. In part, it would require closing tax loopholes that currently allow some companies to pay no tax whatsoever, per USA Today. Biden, meanwhile, is reportedly demanding $1 trillion in new spending on infrastructure, though that remains a sticking point in negotiations. And don't hold your breath waiting for a resolution. "The gap between the two sides is massive at the moment—Biden and Republicans aren’t even counting the size of the bill the same way and are approximately $750 billion apart," per Politico. The gap is so wide that two GOP sources tell the outlet that it seems impossible to bridge at the moment. (Mitch McConnell has vowed to fight Biden's plan "every step of the way.)
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