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...…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...WW…

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...…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...WW…

Janet Yellen in Washington, D.C., U.S., on Friday, March 26, 2021. Photographer: Erin Scott/Bloomberg via Getty ImagesJanet Yellen will use her first major address as Treasury secretary to argue for a global minimum corporate tax rate, Axios has learned, as she makes the case for President Biden’s plan to raise U.S. corporate taxes to fund his $2 trillion+ infrastructure plan.Why it matters: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.The big picture:...…Janet Yellen in Washington, D.C., U.S., on Friday, March 26, 2021. Photographer: Erin Scott/Bloomberg via Getty ImagesJanet Yellen will use her first major address as Treasury secretary to argue for a global minimum corporate tax rate, Axios has learned, as she makes the case for President Biden’s plan to raise U.S. corporate taxes to fund his $2 trillion+ infrastructure plan.Why it matters: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.The big picture:...WW…

Mark Gallogly (second from left). Photo: Alex Wong/Getty ImagesMark Gallogly, a Wall Street veteran and big-dollar Democratic donor, is joining John Kerry’s international climate team, people familiar with the matter tell Axios. Why it matters: Hiring someone with Gallogly’s experience is an indication Kerry plans to leverage markets and investing strategies to address climate change. Gallogly is the highest-profile New York investor to sign on to the Biden administration.The big picture: "We need to be working hand in hand with the private and public sector to provide the finance, which...…Mark Gallogly (second from left). Photo: Alex Wong/Getty ImagesMark Gallogly, a Wall Street veteran and big-dollar Democratic donor, is joining John Kerry’s international climate team, people familiar with the matter tell Axios. Why it matters: Hiring someone with Gallogly’s experience is an indication Kerry plans to leverage markets and investing strategies to address climate change. Gallogly is the highest-profile New York investor to sign on to the Biden administration.The big picture: "We need to be working hand in hand with the private and public sector to provide the finance, which...WW…

Neera Tanden. Photo: Leigh Vogel-Pool/Getty ImagesHouse Democratic leaders are quietly mounting a campaign for Shalanda Young, a longtime congressional aide, to replace Neera Tanden as nominee for director of the Office of Management and Budget, people familiar with the matter tell Axios. Why it matters: The nascent campaign for Young, who would be OMB's first Black female leader, reflects a stark reality taking hold in the Democratic Party: Tanden's prospects are rapidly fading.Driving the news: Tanden’s candidacy suffered a further setback Monday when Republican Sens. Susan Collins of...…Neera Tanden. Photo: Leigh Vogel-Pool/Getty ImagesHouse Democratic leaders are quietly mounting a campaign for Shalanda Young, a longtime congressional aide, to replace Neera Tanden as nominee for director of the Office of Management and Budget, people familiar with the matter tell Axios. Why it matters: The nascent campaign for Young, who would be OMB's first Black female leader, reflects a stark reality taking hold in the Democratic Party: Tanden's prospects are rapidly fading.Driving the news: Tanden’s candidacy suffered a further setback Monday when Republican Sens. Susan Collins of...WW…

Sen. Joe Manchin (D-WV). Photo: Win McNamee/Getty ImagesSen. Joe Manchin announced Friday that he will vote against Neera Tanden, President Biden's nominee to be director of the Office and Management and Budget. Why it matters: Manchin's opposition seriously imperils Tanden's nomination, as she will now need at least one Republican vote to be confirmed. The big picture: Tanden adopted an apologetic tone in two Senate committee hearings last week, where she apologized for some of her comments.What they're saying: "I think we're going to find the votes to get her confirmed," Biden said at...…Sen. Joe Manchin (D-WV). Photo: Win McNamee/Getty ImagesSen. Joe Manchin announced Friday that he will vote against Neera Tanden, President Biden's nominee to be director of the Office and Management and Budget. Why it matters: Manchin's opposition seriously imperils Tanden's nomination, as she will now need at least one Republican vote to be confirmed. The big picture: Tanden adopted an apologetic tone in two Senate committee hearings last week, where she apologized for some of her comments.What they're saying: "I think we're going to find the votes to get her confirmed," Biden said at...WW…

Then-Vice President Joe Biden with Italian Prime Minister Matteo Renzi, left, and U.S. ambassador to Italy John Phillips in 2015. Photo: Tiberio Barchielli/Italian Prime Ministry/Anadolu Agency/Getty ImagesPresident Biden is tempering the ambassadorial expectations of his big-dollar donors, signaling he won't hand out plum posts for months and hinting he'll nominate fewer of them than his predecessors. The big picture: The president embraced the Democratic Party's when choosing his Cabinet. Now lawmakers to extend it to his ambassador picks, meaning white male donors — the core of his...…Then-Vice President Joe Biden with Italian Prime Minister Matteo Renzi, left, and U.S. ambassador to Italy John Phillips in 2015. Photo: Tiberio Barchielli/Italian Prime Ministry/Anadolu Agency/Getty ImagesPresident Biden is tempering the ambassadorial expectations of his big-dollar donors, signaling he won't hand out plum posts for months and hinting he'll nominate fewer of them than his predecessors. The big picture: The president embraced the Democratic Party's when choosing his Cabinet. Now lawmakers to extend it to his ambassador picks, meaning white male donors — the core of his...WW…

Sen. Gary Peters. Photo: Chip Somodevilla/Getty ImagesIncoming Senate Majority Leader Chuck Schumer is poised to name Sen. Gary Peters to head their party's Senate fundraising arm for the pivotal midterm elections, a move he hopes will allow him to retain his title, according to four people familiar with the matter.Why it matters: As chair of the Democratic Senatorial Campaign Committee, Peters will be tasked with raising the enormous amounts of money Democrats will need to preserve their razor-thin majority. The appointment is something of a surprise, given the Michigander is viewed as a...…Sen. Gary Peters. Photo: Chip Somodevilla/Getty ImagesIncoming Senate Majority Leader Chuck Schumer is poised to name Sen. Gary Peters to head their party's Senate fundraising arm for the pivotal midterm elections, a move he hopes will allow him to retain his title, according to four people familiar with the matter.Why it matters: As chair of the Democratic Senatorial Campaign Committee, Peters will be tasked with raising the enormous amounts of money Democrats will need to preserve their razor-thin majority. The appointment is something of a surprise, given the Michigander is viewed as a...WW…

Pete Buttigieg. Photo: JIM WATSON / Getty ImagesPresident-elect Joe Biden is considering a high-profile ambassadorship for Pete Buttigieg, possibly sending him to China, people familiar with the matter tell Axios.Why it matters: The 38-year-old former mayor of South Bend, Indiana, whom Biden has compared to his late son, Beau, played a key role in Biden's nomination. Letting him deepen his foreign policy chops could boost Buttigieg's future, since many inside the Democratic Party believe his return as a presidential candidate is a matter of when, not if.The intrigue: The Beijing post has...…Pete Buttigieg. Photo: JIM WATSON / Getty ImagesPresident-elect Joe Biden is considering a high-profile ambassadorship for Pete Buttigieg, possibly sending him to China, people familiar with the matter tell Axios.Why it matters: The 38-year-old former mayor of South Bend, Indiana, whom Biden has compared to his late son, Beau, played a key role in Biden's nomination. Letting him deepen his foreign policy chops could boost Buttigieg's future, since many inside the Democratic Party believe his return as a presidential candidate is a matter of when, not if.The intrigue: The Beijing post has...WW…

U.S. Ambassador to Russia John Sullivan. Photo: Anton Novoderezhkin/TASS via Getty ImagesThe United States ambassador to Russia is refusing to leave the country after the Kremlin "advised" him to return home following new Biden administration sanctions, two sources briefed on the situation tell Axios.Why it matters: John Sullivan, a respected diplomat who President Biden has, so far, retained from the Trump era, is at the center of one of the most important early tests of Biden's resolve.The big picture: Last week, in response to Russian cyber-espionage and interference into U.S. elections,...…U.S. Ambassador to Russia John Sullivan. Photo: Anton Novoderezhkin/TASS via Getty ImagesThe United States ambassador to Russia is refusing to leave the country after the Kremlin "advised" him to return home following new Biden administration sanctions, two sources briefed on the situation tell Axios.Why it matters: John Sullivan, a respected diplomat who President Biden has, so far, retained from the Trump era, is at the center of one of the most important early tests of Biden's resolve.The big picture: Last week, in response to Russian cyber-espionage and interference into U.S. elections,...WW…