President Joe Biden’s campaign promise of raising corporate taxes may be out of the table given the opposition of lawmakers, even including Democrats, Bloomberg reported.
Among the biggest voices against raising corporate tax rates is Arizona Senator Kyrsten Sinema, who is reportedly opposed to tax-rate increases. Democrats are now pushing for revenue-generating measures to finance the social spending bill.
Biden has already conceded that there are not enough votes to back the hike in the 21% corporate tax rate imposed by former President Donald Trump, which was then unpopular.
Analysts say the development is a surprise, as the hikes were widely expected, as it was welcomed when Biden, during the campaign, committed to repealing Trump’s tax measures on his first day as president.
More details are expected later this week, with talks ongoing regarding revenue provisions and other options to tax the wealthy and corporations.