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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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When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

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