He has been in negotiations with opposing legislators.
President Joe Biden has said he is willing to abandon his proposed corporate tax rate in exchange for at least $1 trillion in new infrastructure spending. He offered to drop plans to hike corporate tax rates as high as 28% and set a minimum that companies should pay at a 15% rate instead.
White House Press Secretary Jen Psaki said the president’s proposal “should be completely acceptable” to those who have wanted to retain the corporate tax cuts of 2017. “We’re open to other options,” the press secretary said.
His original infrastructure package proposal would have cost $2.5 trillion.
As the Lord Leads, Pray with Us…
- For members of Congress as they consider the compromise offered by President Biden over infrastructure.
- For the U.S. officials working for needed improvements and repairs to the traditional U.S. infrastructure.
- For God to give legislators wisdom as they navigate spending packages.
Sources: Reuters, The Hill
