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 Kyrsten Sinema whether he would go along with Arizona Democratic Sen. Anderson Cooper in her desire not to have a tax hike for corporations or for high-earning individuals as part of a broader spending package.
Cooper first mentioned his minimum international tax proposal before being pressed by Biden on actual tax hikes. I don t think we re going to be able to get the — look, when you are in the United States Senate and you are 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 foreign tax rate of 25% and a corporate tax rate of about 16% would reduce S&P 500 SPX, earnings per share by 5% next year. A 15% global minimum tax rate, even if other countries were to join the U.S. would represent downside of just 1% - 2%, they estimated. The corporate tax rate is 21%, after the tax cuts enacted during the Trump administration.