Washington: In a concession to Republicans, US President Joe Biden proposed that instead of raising the corporate tax rate to pay for a bipartisan infrastructure package totaling at least USD 1 trillion, they would work to ensure corporations don't exploit tax loopholes.

Citing a person familiar with the talks, The Washington Post said on Thursday that Biden raised the idea during a private meeting on Wednesday with Senator Shelley Moore Capito, the top Republican negotiator, in an attempt to broker a compromise.

Biden shifted the focus to a different part of his infrastructure proposal, which would amount to a new minimum corporate tax of 15 percent, the person said. It aimed to preserve the President's 2020 campaign pledge not to raise taxes on Americans making under $400,000, while steering clear of the "red line" set down by Republicans who see the 2017 tax cuts as their crowning economic achievement, according to the Post.

Biden had proposed raising the corporate income tax rate from 21 percent to 28 percent to help pay for his $2.3 trillion infrastructure plan, which was opposed by Republicans and the business community.

White House Press Secretary Jen Psaki said on Thursday that Biden's push for a minimum corporate tax was not a new proposal for the President and it was in his original American Jobs Plan.

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