President Joe Biden appears to have conceded that he doesn’t have the votes to increase corporate taxes.
At a townhall last night, Biden was asked by moderator Anderson Cooper whether he would go along with Arizona Democratic Sen. Kyrsten Sinema in her desire not to have a tax hike for corporations or for high-earning individuals as part of a broader spending package.
“I don’t think we’re going to be able to get the — look, when you’re in the United States Senate and you’re president of the United States and you have 50 Democrats, every one is a president,” he said, according to a transcript provided by the network. “Every single one. So you’ve got to work things out.”
Analysts at Goldman Sachs estimate a corporate tax rate of 25% and a foreign tax rate of about 16% would reduce S&P 500 SPX,
The corporate tax rate is 21%, after the tax cuts enacted during the Trump administration.