While President Biden will p0only need a simple majority in the House and Senate to pass his planned bill….
Some Democrats are uneasy with the talk of raising taxes to pay for some of the YUGE spending that would come with the double phased program…
Republicans are already out against ANY taxing of the rich and businesses….
Congressional Democrats are debating how they should raise taxes to finance President Biden’s infrastructure plan, with minor disagreements emerging in the early stages.
The White House has proposed raising the corporate tax rate from 21 percent to 28 percent and increasing taxes on U.S. companies’ foreign earnings. But some Democratic lawmakers are pushing back on aspects of the tax proposals, while others have suggested ideas that diverge from the administration’s plans.
Reaching consensus on taxes will be among the top challenges for Democrats as they work to enact an infrastructure and jobs package in the coming months. Democrats will need to craft legislation that can get near-universal support in the party, since Republicans have signaled that they will oppose any measures that resemble the proposal Biden unveiled last week….
Tax Hikes Worry Democrats About Suburban Voters
McClatchy: “Republican and Democratic strategists alike say at stake in the argument over taxes is whether wealthy, suburban voters were only temporary Democratic supporters because of Trump and the pandemic, or whether they’re poised to snap back to the GOP in coming elections.”
Tax support for Biden infrastructure bill will not have gas tax hike…
White House Rules Out Hiking Gas Tax
CNBC: “The Biden administration is not considering a hike to the federal gasoline tax as a way to help pay for its landmark infrastructure proposal.”
Politicalwire
Tax Hikes Make Biden’s Infrastructure Plan More Popular
A new Quinnipiac poll shows something that’s popped up in other recent surveys: President Biden’s infrastructure plan actually becomes more popular after voters are told that it’s financed with corporate tax hikes.
This suggests the GOP’s traditional anti-tax playbook to oppose the plan may not work this time.
Senate Democrats Settle on 25% Corporate Tax Rate
“The universe of Democratic senators concerned about raising the corporate tax rate to 28% is broader than Sen. Joe Manchin, and the rate will likely land at 25%” Axios reports.
“While increasing the rate from 21% to 25% would raise about $600 billion over 15 years, it would leave President Biden well short of paying for his proposed $2.25 trillion, eight-year infrastructure package.”
“Biden’s plan to increase the rate U.S. multinationals pay on their foreign earnings from 10.5% to 21% is less controversial and stands a better chance of remaining intact in the final legislation. That would raise an additional $700 billion.”