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Sen. Joe Manchin. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Sen. Joe Manchin (D-W.Va.) forewarned in a radio interview Monday that he will not support a hike in the corporate tax rate from 21% to 28% as proposed in President Biden's infrastructure bill, adding that there are "six or seven other Democrats that feel very strongly about this.”

Why it matters: The tax hike is Biden's pitch on how to pay for the $2 trillion price tag on his American Jobs Plan. But pushback from moderates like Manchin could kill the bill, as a 50-50 split in the upper chamber has made every Democratic vote a must-have.

  • Manchin said he thinks the corporate tax rate should have "never been below [25%]" and that he would be comfortable with that number.

Between the lines: Senate Minority Leader Mitch McConnell said last week that he will fight against Biden's plan, signaling that there will be no Republican support for the measure.

  • And with the filibuster still in place, Democrats will also likely still need to pass the measure through a budget reconciliation process in order to avoid the need for 10 Republican votes, even if the entire Democratic caucus supports it.

What he's saying: "As the bill exists today, it needs to be changed. ... Bottom line is that's what legislation is all about. This bill will not be in the same form you've seen it introduced." Manchin said, adding that Biden's proposal might be broken up into three separate bills.

Go deeper

Apr 5, 2021 - Politics & Policy

Exclusive: Janet Yellen to call for global minimum tax rate

Janet Yellen in Washington, D.C., U.S., on Friday, March 26, 2021. Photographer: Erin Scott/Bloomberg via Getty Images

Janet Yellen will use her first major address as Treasury secretary to argue for a global minimum corporate tax rate, Axios has learned, as she makes the case for President Biden’s plan to raise U.S. corporate taxes to fund his $2 trillion+ infrastructure plan.

Why it matters: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.

Apr 5, 2021 - Politics & Policy

Exclusive: Soros group pledges $20 million to pass Biden plan

George Soros, Founder and Chairman of the Open Society Foundations arrives for a meeting in Brussels, on April 27, 2017. Photo by Olivier Hoslet/POOL/AFP via Getty Images

The Open Society Foundations are pledging $20 million to jumpstart as much as $100 million for a campaign to rally progressives around President Biden's infrastructure and social welfare proposals.

Why it matters: Backing from the George Soros-founded group could serve as an important call to action for Democratic donors and activists who support Biden's initial $2 trillion+ infrastructure plan but want to see him go bigger.

32 mins ago - World

Australian PM pledges $700M for climate change-threatened Great Barrier reef

A green sea turtle is flourishing among the corals at Lady Elliot island in Australia's Great Barrier Reef. Photo: Jonas Gratzer/LightRocket via Getty Images

Australian Prime Minister Scott Morrison announced Friday a AU$1 billion ($703 million) investment plan for the Great Barrier Reef.

Why it matters: The nine-year plan for projects including water quality improvement, reef conservation and supporting some 64,000 tourism jobs comes months ahead of this year's federal election. It has been criticized by scientists and environmental groups for failing to tackle climate change.