: White Home thinks about Plan B, with new taxes for billionaires, share buybacks: report

In the face of opposition to corporate tax hikes, the Biden government is reportedly looking for alternatives to fund its billions of dollars in spending plans.

The Washington Post first reported late Wednesday that President Joe Biden's advisers were rolling out new plans, including a billionaire wealth tax, a minimum tax on companies, and a tax on companies that repurchase shares, potentially reducing hundreds of thousands Billions of dollars will be raised.

That's because the original plan – to fund much of the spending by hitting the corporate tax rate from 21% to 28% – has met with fierce opposition, including from Democratic Senator Kyrsten Sinema of Arizona, reported by the Wall Street Journal on Wednesday reported against increases in tax rates for corporations, rich people, or capital gains.

The Post reported that the White House's new ideas are not final and could change.

The Associated Press later confirmed the Post's report, adding that the changes could anger progressives and some moderate Democrats who had campaigned to raise taxes for the rich and reverse the Trump administration's corporate tax cuts. But the Biden government apparently believes the reduced scope of tax changes may be necessary to get approval for the bill.

In a speech on Wednesday, Biden admitted his spending plans need to be scaled back but predicted his agenda will still pass. "This was pronounced dead from the moment I unveiled it, but I think we're going to surprise them because I think people are starting to find out what's at stake," Biden said, according to the Associated Press.

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