Biden Open to Negotiating How to Pay for Infrastructure Proposal
President Joe Biden said Wednesday that “debate is welcome” and “compromise is inevitable” on how to pay for his $2.3 trillion infrastructure spending proposal, which includes $100 billion for broadband (see 2103310064). Sen. Joe Manchin, D-W.Va., said Monday he would…
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support increasing the corporate tax rate to 25% from the current 21% level but opposes a larger hike (see 2104050037). “I am willing to listen” to calls to seek a smaller increase than the proposed 28% level (see 2104010062), “but we have got to pay for this,” Biden said. “There are many other ways we can do this, but I am willing to negotiate that.” Commerce Secretary Gina Raimondo told reporters she also believes "there is room for compromise" on the tax increase proposal. The Treasury Department cited the proposed corporate tax rate increase Wednesday, among others. Biden said good infrastructure includes “having reliable high-speed internet in every home.” Ask “folks in rural America, where more than 35% of people lack a reliable high-speed internet” connection, “whether investing in internet access will lead to better jobs, markets for farmers, better opportunities for their kids,” he said. The administration “won’t be open to doing nothing.” University of Florida professor Mark Jamison criticized Biden’s broadband proposal in a Tuesday opinion piece for The Hill. Senate Minority Leader Mitch McConnell of Kentucky said Wednesday that Republicans would be willing to back a “much more modest” infrastructure plan if it doesn’t seek to increase the corporate tax rate to pay for it. The rate was cut in 2017 from 35% to 21%.