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Photo: Oliver Contreras/Sipa/Bloomberg via Getty Images

The Treasury Department released details on Wednesday of President Biden's plan to hike corporate taxes over the next 15 years to raise about $2 trillion for his sweeping jobs and infrastructure proposal.

Why it matters: The plan will likely serve as a roadmap as Democrats in Congress craft legislation to enact Biden's $1.9 trillion American Jobs Plan, which seeks to fulfill a range of campaign promises to fix the country’s crumbling infrastructure, slow the growing climate crisis and reduce economic inequality.

The big picture: The infrastructure plan, which follows a $1.9 trillion COVID-19 relief bill, is one of two large packages planned by the administration to boost infrastructure — and it lays further groundwork for Biden’s first-term legacy to be defined by spending trillions within months of taking office.

Details: The tax plan unveiled Wednesday would...

  • Raise the corporate income tax rate from 21% to 28%.
  • Enforce a 15% minimum tax on book income of large companies that report high profits, but have little taxable income.
  • Replace fossil fuel subsidies with incentives for clean energy production.
  • Boost enforcement against corporate tax avoidance.

What they're saying: Treasury Secretary Janet Yellen told reporters on a briefing call that Biden's plan would end the global “race to the bottom” of corporate taxes that have hurt workers and the U.S. economy, per the New York Times.

  • "Our tax revenues are already at their lowest level in generations,” she said. “If they continue to drop lower, we will have less money to invest in roads, bridges, broadband and R&D."
  • Earlier this week, Yellen called for a global minimum tax rate to reduce the likelihood of companies relocating offshore, which some Republicans have warned would be a byproduct of raising corporate taxes.

Between the lines: 65% of voters said they strongly or somewhat support Biden raising corporate taxes to pay for his infrastructure plan, including 42% of Republicans, according to a Morning Consult poll released Wednesday.

The other side: The Chamber of Commerce and the Business Roundtable, the voices of America's top corporations, have claimed that raising taxes would hurt U.S. companies operating globally, AP reports.

  • Moderate Sen. Joe Manchin (D-W.Va.) warned on Monday that he will not support Biden's proposed corporate tax hike, adding that there are "six or seven other Democrats that feel very strongly about this.”
  • "There is room for compromise," Commerce Secretary Gina Raimondo said at a White House press briefing Wednesday, in reference to the 28% corporate tax rate.

Go deeper: Biden unveils sweeping American Jobs Plan

Go deeper

Jeff Bezos says Amazon supports raising corporate tax rate

Jeff Bezos testifies at a House Judiciary Subcommittee hearing in July 2020. Photo: Graeme Jennings/Washington Examiner/Bloomberg via Getty Images

Amazon founder Jeff Bezos on Tuesday publicly backed using long-term corporate tax hikes to support President Biden's $2 trillion infrastructure plan.

The big picture: Amazon, one of the world's most valuable companies, was singled out by Biden in a recent speech for not paying federal income tax for several years prior to 2019.

White House claims climate credibility before summit

Illustration: Aïda Amer/Axios

The White House is making the case that its climate moves to date create enough credibility to press other nations to bolster their commitments at an upcoming summit.

Where it stands: Congress has barely begun digesting President Biden's proposed $2.2 trillion infrastructure package that's stuffed with the biggest clean energy investments any president has put forward. But a top official hinted Tuesday that it would rely on all the climate policy moves it has set into motion when Biden convenes world leaders for a virtual White House climate summit on April 22-23.

Scoop: Dem-aligned group launches 6-figure infrastructure push

Illustration: Annelise Capossela/Axios

A Democrat-aligned advocacy group is kicking off a six-figure campaign backing President Biden's mammoth infrastructure spending measure starting with ads targeting constituents of Sens. Joe Manchin and Susan Collins — the group tells Axios.

Why it matters: The American Working Families Action Fund (AWFAF) is one of the first groups to announce the launch of an independent digital and TV advertising effort aimed at selling the proposal to Congress and the public.