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April 6, 2021

Sen. Manchin Won't Back White House Bid to Partially Roll Back Trump-Era Corporate Tax Breaks
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Back in the U.S., Senate Democrats have unveiled a plan to overhaul U.S.
taxes on corporations - more than three years after President Trump and
Republican lawmakers cut the top corporate tax rate from 35% to 21%. On
Monday, West Virginia Democratic Senator Joe Manchin said he opposes a
White House plan to raise the corporate tax to 28%, saying he might be
open to a partial rollback of Trump's corporate tax cut to 25%. Manchin
is a key swing vote in the evenly divided Senate.

Meanwhile, Treasury Secretary Janet Yellen called Monday for a minimum
global corporate income tax to help pay for President Biden's proposed
$2.25 trillion infrastructure and jobs plan.

This comes as a new study finds at least 55 of the wealthiest U.S.
corporations - including Fed Ex, Duke Energy and Nike - paid zero
dollars in taxes last year on tens of billions of dollars in profits.


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