Biden proposes 15% corporate minimum tax, $1 trillion new infrastructure spending

FILE PHOTO: U.S. President Joe Biden delivers remarks on the administration’s coronavirus disease (COVID-19) response in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, U.S., June 2, 2021. REUTERS/Carlos Barria/File Photo

WASHINGTON (Reuters) -U.S. President Joe Biden offered to scrap his proposed corporate tax hike during negotiations with Republicans on an infrastructure package, two sources familiar with the matter said on Thursday, in what would be a major concession by the Democratic president as he works to hammer out a deal.

Biden offered to drop plans to hike corporate tax rates as high as 28%, and set a minimum tax rate that companies should pay instead at 15%, sources said.

In return, Republicans would have to agree to at least $1 trillion in new infrastructure spending, one source said.

Biden originally proposed an infrastructure package that would cost $2.25 trillion.

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