White House considers new taxes on billionaires, stock buybacks as higher corporate rate appears to fall out of economic package

WASHINGTON - Senior Biden officials briefed top Democratic lawmakers on a potential shift in the party's tax plans on a private call Wednesday, as the White House searches for unity on how to pay for its multi-trillion-dollar economic package, according to three people with knowledge of the call, who spoke on the condition of anonymity to describe the private conversation.

deputy White House press secretary Andrew Bates said there was an expansive "menu of options" to finance the president's plan in the works. Foto: Larry Downing/Reuters/Ritzau Scanpix

While the Biden administration initially proposed increasing the corporate tax rate to 28 percent, a move that would partially unwind the tax cuts under former president Donald Trump, the president's aides on Wednesday instead discussed an alternative range of tax hikes, likely excluding a corporate tax rate hike as part of a new source of revenue for the package, the people said.

Instead, President Joe Biden's advisers said that they are pursuing a range of ideas that could still raise substantial sums of money from corporations and the rich, including a tax on billionaires' assets that would resemble a more modest version of the wealth tax championed by Sen. Elizabeth Warren, D-Mass...

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