With just one day left before President Joe Biden departs for a week of summits in Europe, Democrats in Congress were still deep in negotiations Wednesday over several key pieces of the president’s social safety net and climate bill.
But there were some visible signs of progress. One issue gaining clarity was taxes.
On Tuesday, three Democratic senators introduced a plan to impose a 15% minimum tax on corporate book income, which would apply only to companies that reported over $1 billion in income for three straight years.
The plan quickly garnered approval from two key centrist Democrats in the Senate: Kyrsten Sinema of Arizona and Joe Manchin of West Virginia.
Yet even as Democrats coalesced around the 15% minimum corporate tax, two other proposed tax changes appeared to be headed for the chopping block.
A plan to have banks report cash flow information to the IRS for accounts with more than $10,000 in non-wage deposits was no longer under serious consideration, CNBC’s Kayla Tausche reported Wednesday, citing three sources familiar with the matter.
