Manchin Balks at Biden’s Corporate Tax Increase, Favors 25% Rate
- Key lawmaker threatens to complicate infrastructure plans
- ‘As the bill exists today, it needs to be changed,’ he says
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President Joe Biden’s $2.25 trillion economic plan ran into trouble Monday with a key Senate Democrat, West Virginia’s Joe Manchin, who demanded changes to tax provisions in order to secure his crucial support.
Manchin told a local news outlet he wouldn’t 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 favor 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.