Name: Republicans tell Biden no corporate tax hike for infrastructure
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Republicans tell Biden no corporate tax hike for infrastructure

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Sen. Mitt Romney Sens. Mitt Romney (R-Utah) and John Hoeven (R-N.D.) told President Biden Monday they are opposed to increasing the corporate tax rate to pay for his proposed $2.25 trillion infrastructure package, according to people familiar with the matter. Why it matters: The opposition from Romney and Hoeven, the only two Republican senators in Monday’s bipartisan Oval Office meeting, suggests Biden is going to have a difficult time finding any Republican support to pay for his road, bridge and health care spending proposals by increasing corporate rates.What they are saying: While both Romney and Hoeven are in favor of an infrastructure package, they sat they want to see a more targeted payment mechanism – gas taxes and user fees – to help fund individual projects. Behind the scenes: Biden began the meeting by yielding the floor to Maine's Sen. Angus King, an independent who caucuses with the Democrats and a was once public television host. The bottom line: Negotiations between Senate Republicans and the White House are just beginning, but their opening positions are miles apart. The universe of Democratic senators concerned about raising the corporate tax rate to 28% is broader than Sen. Joe Manchin, and the rate will likely land at 25%, parties close to the discussion tell Axios.Why it matters: While increasing the rate from 21% to 25% would raise about $600 billion over 15 years, it would leave President Biden well short of paying for his proposed $2.25 trillion, eight-year infrastructure package.China's President Xi Jinping on Tuesday warned against "bossing others around or meddling in others' internal affairs" and called for "more fair and equitable" global governance.Why it matters: Xi's thinly veiled swipes at the U.S. during at the Boao Forum for Asia economic forum come at a time of between Beijing and Washington over trade, and and economic ambitions.The State Department said Monday that the U.S. ambassador to Russia, John Sullivan, will now be returning to the United States this week before returning to Moscow "in the coming weeks."Why this matters: The statement, from a State Department spokesperson, comes just hours after that Sullivan had indicated he intended to stand his ground and stay in Russia after the Kremlin “advised” him to return home to talk with his team.

Sen. Mitt Romney Sens. Mitt Romney (R-Utah) and John Hoeven (R-N.D.) told President Biden Monday they are opposed to increasing the corporate tax rate to pay for his proposed $2.25 trillion infrastructure package, according to people familiar with the matter. Why it matters: The opposition from Romney and Hoeven, the only two Republican senators in Monday’s bipartisan Oval Office meeting, suggests Biden is going to have a difficult time finding any Republican support to pay for his road, bridge and health care spending proposals by increasing corporate rates.What they are saying: While both...

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Republicans tell Biden no corporate tax hike for infrastructure

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