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Manchin opposes corporate tax hike in Biden's infrastructure bill

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 moderate Manchin could scupper the bill, as a 50-50 split in the upper chamber has made each 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.

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Ubisoft workers slam bosses in open letter over handling of #MeToo scandals

More than 500 current and former employees of “Assassin’s Creed” publisher Ubisoft are standing in solidarity with protesting game developers at Activision Blizzard with a letter that criticizes their company's handling of sexual misconduct.

Why it matters: Ubisoft and Activision Blizzard workers are framing the actions as part of a bigger movement meant to have lasting change in the industry and its culture.

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Nuclear watchdog: “Essential” to have deal with Iran

The head of the International Atomic Energy Agency tells "Axios on HBO" that it's "essential" to have a nuclear deal with Iran because otherwise "we are flying blind."

Driving the news: Director-General Rafael Mariano Grossi sat down with "Axios on HBO" at IAEA headquarters in Vienna, ahead of Iran's June 18 presidential election and a June 24 extension on negotiations seeking to restore curtailed surveillance of Iranian nuclear sites and salvage the 2015 deal.

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Why fears of a SPAC bubble may be overblown

The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.

Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.

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QAnon conspiracy theory explodes ahead of the election

The QAnon conspiracy theory is growing — and being weaponized to boost President Trump ahead of the election.

Why it matters: What began as a single conspiracy theory linking Hillary Clinton to child trafficking four years ago is now part of a convoluted web of falsehoods being spread to undermine Joe Biden.

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