Joe Biden’s $2.25-trillion economic plan runs into trouble
Key Democrat demands tax changes in exchange for his support
05 April 2021 - 22:06
Washington — President Joe Biden’s $2.25-trillion economic plan ran into trouble Monday with a key Senate Democrat, Joe Manchin, demanding changes to tax provisions to secure his crucial support.
Manchin said he would not support raising the corporate tax rate from 21% to 28% as Biden proposed to pay for increased infrastructure and social-welfare spending. Manchin said he would be in favour of closing tax “loopholes” that benefit the wealthy and could support an increase in the corporate rate to 25%, which he said is the global average...
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