As Democrats and Republicans in Washington continue to negotiate over an infrastructure bill, President Biden is reportedly considering dropping his demand to roll back the 2017 Trump tax cuts — which primarily benefited corporations and the richest people in the country — in order to gain support for infrastructure spending of at least $1 trillion. Biden is offering to keep Trump’s tax cuts and shrink the size of his infrastructure proposal in exchange for a minimum 15% corporate tax rate for all companies. Economist Jeffrey Sachs says a capitulation on the Trump tax cuts would be a huge mistake for the Biden administration. “The corporations have had an unbelievable run of unjust and affordable tax cuts,” he says.
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