Democrats Back Off Plan to Raise Tax Rates on Corporations, Wealthy
White House tells Democrats that corporate tax hike unlikely in current bill -source
(Reuters) -The White House told Democratic lawmakers on Wednesday that a proposed hike in U.S. corporate taxes is unlikely to make it into their signature social spending bill, according to a congressional source familiar with the discussions. President Joe Biden’s plans to hike the corporate tax rate to 28% from 21%, a key campaign promise, are likely to be one of the steep concessions he makes to steer his economic revival package https://www.reuters.com/world/us/biden-democrats-2-trillion-spending-plan-what-is-what-is-cut-2021-10-20 through Congress, the White House disclosed in the private meeting with top Democrats. “There is an expansive menu of options for how to finance the president’s plan to ensure our economy delivers for hardworking families, and none of them are off the table,” said White House spokesperson Andrew Bates.