Rep. Brady: Key to infrastructure is to make sure it’s not special interest spending
Rep. Kevin Brady, R-Texas, discusses Biden’s infrastructure plan struggling to gain bipartisan support and tax reform.
The Biden administration’s proposal for a minimum corporate tax rate as part of its infrastructure plan could have unintended consequences, economists say.
The plan would require corporations to pay a minimum 15% tax rate no matter what deductions they take, and is similar to the alternative minimum tax on individuals.
The White House would be willing to temporarily delay its attempt to raise the top corporate tax rate to 28% from the 21% that was achieved under President Trump’s Tax Cuts and Jobs Act. The plan was already facing difficulty in Congress.
A global minimum corporate tax rate is a "safety net against the kind of loopholes that have pervaded our tax code that have been so beneficial to those at the top," Jared Bernstein, a member of the White House Council of Economic Advisers said on MSNBC on Friday.
BIDEN SUSPENDING ALASKA OIL, GAS LEASES GOES AGAINST REASON FOR STATEHOOD: GOV. DUNLEAVY
Treasury Secretary Janet Yellen attended a meeting in London with G7 finance ministers on Friday and Saturday to pitch her plan for a 15% global minimum corporate tax rate.