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

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U.S. President Joe Biden offered to scrap his proposed corporate tax hike during negotiations with Republicans, 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 an infrastructure deal.

Biden offered to drop plans to hike corporate tax rates as high as 28%, and instead set a minimum tax rate that companies should pay instead at 15%, sources said. Biden’s new proposal, worth $1.7 trillion, would allow some $75 billion in unspent COVID-19 relief funds to be repurposed for the bill, one source said.

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