The White House and Democrats are hurriedly reworking key aspects of President Biden’s $2 trillion domestic policy plan. They're trimming the social services and climate change programs and they're reconsidering new taxes on corporations and the wealthy.
“When you’re president of the United States, you have 50 Democrats — every one is a president. Every single one. So you gotta work things out,” he said during a CNN town hall.
in favor of an approach that would involve taxing the investment incomes of billionaires to help finance the deal.who has not been on board with her party’s plan to undo President Donald Trump’s tax breaks for big corporations or individuals earning more than $400,000 a year. Even as he seemed encouraged by progress, Biden acknowledged major reductions to his original vision. He signaled the final plan would no longer provide free community college, but said he hoped to increase Pell Grants to compensate for the loss of the policy.He also said that what had been envisioned as a federally paid, months-long family leave program would be just four weeks.
Biden signaled flexibility on the tax provisions of the bill, as long as it’s paid for and it doesn’t increase taxes on those earning $400,000 or less. The chairman of the tax-writing Ways & Means Committee, Rep. Richard Neal, D-Mass., said he spoke for more than 30 minutes with the centrist Arizona senator, whose closely held views are a mystery to her colleagues.
The White House is reviving the idea of a minimum corporate tax rate, similar to the 15% rate Biden had proposed this year. That’s even for companies that say they had no taxable income — a frequent target of Biden, who complains they pay “zero” in taxes.
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