Joe Biden is prepared to drop his demands for an increase in the US corporation tax rate if enough Republicans agree to support a surge in infrastructure spending, according to people familiar with the negotiations.
The concession by the US president is aimed at catalysing a bipartisan agreement on his bid to fund more than $1tn in additional spending over the next decade to upgrade roads, bridges, and broadband networks across the country.
The US president wanted to fund the plan primarily with an increase in the corporate income tax rate from 21 per cent to 28 per cent, but Republicans are adamantly opposed to it on the grounds that it would hurt the economy and partly unwind Donald Trump’s signature tax cuts.
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