The proposal falls short of the 39.6% rate that President Joe Biden has embraced.
President Biden wants to provide relief to borrowers who have been in repayment for more than 20 years.
The president canceled another $1.2 billion in student debt for public servants.
The president wants to boost the tax rate for major companies from 15% to 21%.
President Biden has sought a "Plan B" for debt relief after one plan was shot down in court.
Almost 74,000 student loan borrowers will see debt canceled as a result of the move.
Nearly 70 groups are seeking broader relief than the Biden administration's draft plan offers.
The comments marked a rare example of Biden weighing in on central bank policy.
The Supreme Court signaled that President Biden faces a large hurdle in implementing a broad debt relief plan.
The proposed deal would cut $10 billion from an $80 billion budget increase for the Internal Revenue Service.
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