By Syndicated Content
By Jarrett Renshaw
(Reuters) - The Biden administration is seeking to leverage a secret weapon in its bid to get corporate America to pay for a sweeping jobs and infrastructure package: the nation s some 30 million small businesses.
The White House s effort, previously unreported, seeks to harness the political popularity of small businesses and the current agitation among them over a tax structure many view as generous to larger, billion-dollar corporations like Walmart Inc and Amazon.com Inc over Main Street establishments.
In doing so, the White House believes it has allies that will serve as an antidote to the large national trade groups â like the U.S. Chamber of Commerce and The Business Roundtable â who have come out in favor of infrastructure investment but strongly against President Joe Biden s plan to raise the corporate tax rate from 21% to %28.
Biden White House s secret weapon on infrastructure: small businesses
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Biden White House s secret weapon on infrastructure: small businesses
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10 Apr 2021 / 08:49 H.
WASHINGTON, March 25 (Reuters) - There will be responses if North Korea escalates matters but the United States is also open to diplomacy leading to denuclearization, U.S. President Joe Biden said on Thursday after North Korea launched two suspected ballistic missiles. We are consulting with our allies and partners, and there will be responses. If they choose to escalate, we will respond accordingly, Biden told a news conference. But I m also prepared for some form of diplomacy, but it has to be conditioned upon the end result of denuclearization. (Reporting By Jarrett Renshaw, Heather Timmons Writing by Arshad Mohammed Editing by Chizu Nomiyama)
White House, U.S. companies could agree on 25% tax rate, officials, business groups say
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.