Biden is open to the possibility of raising corporate taxes on construction negotiations

Joe Biden is ready to drop his plans to increase U.S. corporate taxes if enough Republicans agree to the growing spending cuts, according to people who are familiar with the negotiations.

The US President’s Permission is aimed at establishing a public-private partnership with the goal of raising more than $ 1 trillion over the next decade to upgrade Broadband roads, bridges, and networks across the country.

The US president wants to pay the bill mainly by increasing corporate taxes from 21% to 28%, but Republicans strongly oppose this as it could destabilize the economy and free Donald Trump taxes.

In a meeting with Shelley Moore Capito, a West Virginia senator and Republican negotiator for talks Wednesday, Biden said he was ready to relinquish his stance to raise corporate taxes to the union.

But he called for new housing costs to be paid by taxpayers and the Internal Revenue Service in wealthier families. And they want to pay 15% lower taxes on businesses so as not to take advantage of the opportunity which means they pay less or less.

“This does not mean that he is infringing on all of his responsibilities when it comes to [Trump tax cuts] and the wealthy taxpayers and all the corporations or institutions, ”said one expert in the negotiations. “But. . . in order to find an opportunity to contact them to find a connection, based on this discussion, the answer he gave. “

Biden’s move came as the deadline to prepare for next week to continue talks with Republicans on construction, or to bring them down and try to pass the package through key Democratic constituencies in Congress.

The US president is expected to “reconnect” with Capito on Friday to discuss talks, according to the White House.

Biden’s proposal to abolish corporate tax revenues may only be temporary in the Republican negotiations. If the US President can finish negotiating extra money with Democrats only, raising corporate taxes should be back on the table.

However, the President’s actions, first reported by the Washington Post, highlight the political difficulties of running any currency while the Republicans oppose it. The US president wants to increase personal income taxes for the wealthy – plus the profits he makes and profits – to support his economy.

The US President’s ratification of the Republican referendum relates to domestic taxes, and is contrary to his international tax policy.

Globally, Biden wants to partner with other countries to introduce a 15% lower tax rate to remove incentives to avoid tax evasion and transfer profits to low-income countries.

A breakthrough in the global tax system is likely to come in the coming days as G7 finance ministers meet in London to discuss US plans, perhaps establishing a strong working base for OECD and G20 standards.

Biden’s plan, drafted at the end of March, is worth $ 2.3tn, but in negotiations with Capito, it gradually lowered its target as the Republican party moved upstream depending on the amount it seeks to destroy.

Possible tricks can be found with a pricetag of over $ 1tn, but it is not known if each side would be interesting.