White House rows back on push to reverse 2017 tax cuts
The White House rowed back on its push to reverse the 2017 tax cuts approved by Donald Trump in a bid to win the backing of the Republican party for President Joe Biden's proposed $1.0trn infrastructure package.
Under the new proposal, the corporate tax rate would no longer go from 21% back to 28%.
Instead, the government would now rely on strengthening tax enforcement on the highest earners and making sure that firms pay at least 15% of their profits in taxes.
"This should be completely acceptable to a number of Republicans who have said that their bottom line is they want to keep the 2017 tax law untouched," White House press secretary, Jen Psaki, said.
Nonetheless, Psaki added that Biden still wanted to raise corporate taxes to finance other proposals, including a $1.8trn plan for American families.
"What the president believes is that corporations can afford to pay a little bit more.
"And that's a way we can pay for a range of the bold proposals that he has put forward."
Six Republicans who were seeking a deal on the proposed infrastructure plans, including West Virginia Senator Shelley Moore, and President Biden were reportedly due to meet again on Friday.