Rumour that US President Biden will accept a 25% corporate tax rate (instead of 28%)

A report on US political maneuvering via Axios

  • Democratic senators concerned about raising the corporate tax rate to 28%
  • the rate will likely land at 25%, parties close to the discussion tell Axios
  • 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.
The background to this is Biden wanting the higher corp tax rate to help ‘pay’ for his infrastructure proposals.