Adds particulars, background
WASHINGTON, June 3 (Reuters) – U.S. President Joe Biden provided to scrap his proposed company tax hike throughout negotiations with Republicans on an infrastructure package deal, two sources accustomed to the matter mentioned on Thursday, in what could be a serious concession by the Democratic president as he works to hammer out a deal.
Biden provided to drop plans to hike company tax charges as excessive as 28%, and set a minimal tax fee that corporations ought to pay as a substitute at 15%, sources mentioned.
In return, Republicans must comply with at the least $1 trillion in new infrastructure spending, one supply mentioned.
Biden initially proposed an infrastructure package deal that will value $2.25 trillion.
(Reporting by Jarrett Renfrew and Davide Shephardson; Writing by Doina Chiacu and Heather Timmons; Enhancing by Susan Heavey and Jonathan Oatis)
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