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Senate Democrats settling on 25% corporate tax rate

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Sen. Joe Manchin (D-W.Va.). Photo: Chip Somodevilla/Getty ImagesThe 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.The big picture: The White House hasn’t publicly backed away from the president's proposed 28% rate but indicated it’s willing to find a compromise to pay for his spending plans.Driving the news: A collection of 10 senators from both parties — the so-called Group of 20 — is working to find a compromise on what to include in an initial infrastructure package and how to pay for it.Between the lines: While Manchin (D-W.Va.) has made clear his preference for a 25% rate, he’s far from alone.Go deeper: There’s similar sentiment in the House, where moderates also are opposed to increasing taxes too much, .Be smart: Democrats view the debate about the corporate rate as a litmus test for Republican interest in bipartisanship during the Biden era.Editor's note: An earlier version of this article included Sen. Tim Kaine of Virginia among the Democratic senators who have privately indicated uncertainty about raising the corporate rate to 28%. "Kaine supports raising the&nbsp;corporate tax rate to 28% and has never suggested otherwise,"&nbsp;said spokesperson Katie Stuntz.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. Russia has been holding last-minute military exercises near commercial shipping lanes in the Black Sea that threaten to strangle Ukraine's economy, according to an internal document from Ukraine's ministry of defense reviewed by Axios.Why it matters:&nbsp;With the eyes of the world on the massive buildup of troops in eastern Ukraine, the leaked memo shows Russian forces escalating their presence on all sides of the Ukrainian border.

Sen. Joe Manchin (D-W.Va.). Photo: Chip Somodevilla/Getty ImagesThe 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.The big picture: The White House hasn’t publicly backed away from the president's proposed 28% rate but...

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Senate Democrats settling on 25% corporate tax rate

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