President Joe Biden made a key concession on corporate taxes during a meeting this week with Sen. Shelley Moore Capito (R-W.Va.), the top Republican negotiator on a legislative package aimed at overhauling national infrastructure.
Instead of raising the corporate tax to 28%, from its current 21%, to pay for new infrastructure projects, Biden proposed doing so by instituting a minimum corporate rate of 15% to address the fact that many of the largest corporations in America are able to avoid paying federal corporate income taxes entirely.
The news, first reported by The Washington Post, was confirmed by White House press secretary Jen Psaki during a Thursday press briefing.
