WASHINGTON (Axios): Democrats are zeroing in on raising the corporate tax rate from its current 21% to 28% as one of the easiest ways to find new revenue for an infrastructure package, Axios’ Hans Nichols reports.
The big picture: While many senators are signaling that President Biden’s next big-ticket bill must come with a way to pay for it, the White House and its Democratic allies are growing confident they can get there, in part, by increasing corporate taxes.
“We should pay for this once-in-a-generation infrastructure package, “ said Sen. John Hickenlooper (D-Colo.) told Axios. “I’m eager to work with my colleagues on how to achieve this goal, including responsibly setting the corporate tax rate.”
Flashback: Prior to the Trump administration, the business community was pushing to lower the corporate rate from 35% to 25%. President Trump dropped it to 21%.