President Joe Biden has championed raising the U.S. corporate tax rate to 28% from 21% as the main way to fund his $2 trillion infrastructure plan, but few people in Washington, including inside the White House, really think the rate will land there.
Biden made it clear on Wednesday that he is open to compromise, after a reporter asked if he would be willing to agree on a tax rate below 28%.
“I’m willing to listen to that, I’m wide open to it,” Biden said.
Reuters interviewed more than a dozen corporate and White House officials engaged in the infrastructure push. Most expect the White House and business groups to compromise on a 25% corporate tax rate - a level neither side would have chosen, but both can live with.