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Manchin Balks at Biden’s Corporate Tax Increase, Favors 25% Rate

April 5, 2021, 5:15 PM

President Joe Biden’s $2.25 trillion economic plan ran into trouble Monday with a key Senate Democrat, West Virginia’s Joe Manchin, who demanded changes to tax provisions in order to secure his crucial support.

Manchin told a local news outlet he wouldn’t support raising the corporate tax rate from 21% to 28% as Biden proposed to pay for increased infrastructure and social-welfare spending. Manchin said he would be in favor of closing tax “loopholes” that benefit the wealthy and could support an increase in the corporate rate to 25%, which he said is the global average.

In 2017, Manchin ...