President Joe Biden has proposed a 28% corporate tax rate that he said would pay for his $2 trillion infrastructure plan. AP Photo/Susan Walsh Senate Democrats will likely seek a 25% corporate tax rate, Axios reported. It's lower than the 28% Biden sought to pay for his $2 trillion infrastructure bill. The current corporate tax rate is 21% after Trump slashed it from 35% in 2017. See more stories on Insider's business page. Senate Democrats will likely seek a 25% corporate tax rate, people close to talks told Axios.That's lower than the 28% rate President Joe Biden has proposed, which he said would pay for his $2 trillion infrastructure plan.The current corporate tax rate in the US is 21%.Biden repeated his call for the 28% rate in a speech earlier this month while pitching the infrastructure plan, saying it would level the playing field after former president Donald Trump cut the corporate tax rate from 35% to 21% in 2017.Read more: 9 hurdles facing Biden's $2.2 trillion infrastructure, jobs, and tax plan as Republicans pitch a less-pricey alternative"I'm not trying to punish anybody, but damn it, maybe it's because I come from a middle-class neighborhood, I'm sick and tired of ordinary people being fleeced," Biden said.He also criticized companies that pay little to nothing in federal taxes, citing a recent report that found 55 companies paid $0 in income taxes last year, including Nike and FedEx."It's just not fair.
Senate Democrats Will Seek A 25% Corporate Tax Rate Despite Biden's Call For 28%, Report Says
kvlamis@insider.com (Kelsey Vlamis), Business Insider
Sun, 04/18/2021 - 5:35pm
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