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Message Subject QAnon: It's on, don't panic ii
Poster Handle The Natural One
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'I'm sick and tired or ordinary people getting fleeced': Biden gives a full-throated defense of his $2.5trillion tax hike on business and insists he isn't trying to 'punish' anyone

*President Joe Biden launched a full-throated defense of his corporate tax hike to fund his $2.3 trillion dollar infrastructure plan

*'I’m not trying to punish anybody, but dammit, maybe it's because I come from middle class neighborhood, I'm sick and tired of ordinary people being fleeced,' he said

*Biden would pay for his plan by hiking corporate tax rate to 28 per cent

*Business groups and Republicans criticized that rate

*Biden said he is willing to compromise on tax rate
'I'm willing to negotiate that. I've come forward the best, most rational way in my view, the fairest way to pay for it. But there are many other ways as well,' he said

By EMILY GOODIN, SENIOR U.S. POLITICAL REPORTER FOR DAILYMAIL.COM

PUBLISHED: 15:05 EDT, 7 April 2021 | UPDATED: 15:56 EDT, 7 April 2021



President Biden Delivers Remarks on the Historic Investments in the American Jobs Plan
940 views•Apr 7, 2021

Biden's push to pay for the package includes:

Hike the corporate tax rate

Biden would raise the corporate tax rate in the US to 28 percent from 21 percent. This move would partially undo the Trump administration's cut of the corporate tax rate from 35 percent in its 2017 tax bill.

The White House argues this would bring the United States in line with other first world nations when it comes to a tax on businesses.

Double the de facto global minimum tax

Biden's plan would double the de facto global minimum tax to 21 percent. It would also toughen its requirements so companies would have to pay the tax on a wider span of income across countries.

Raise global corporate income tax

Additionally, American officials are working with the G20 nations to enact a minimum global corporate income tax as part of the administration's effort to offset any disadvantages from their plan to increase the U.S. corporate tax rate.

Treasury Secretary Janet Yellen on Monday urged the move, saying it would 'stop the race to the bottom.'

'Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,' Yellen noted. 'It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods.'

The U.S. is involved in talks with about 140 nations to develop a global agreement on minimum levies, led by the Organization for Economic Cooperation and Development, but participants haven't yet reached a deal.

Enact a book value income tax

The plan would enact a 15 percent minimum tax on book income of large companies that report high profits, but have little taxable income.

Book income is what businesses report to investors and which is often used to judge shareholder and executive payouts.

The tax - aimed at companies that report large profits to investors but low tax payments would apply only to companies with income exceeding $2 billion. That is up from the $100 million threshold that Biden advocated for in the campaign.

The result is that just 180 companies would even meet the income threshold and just 45 would pay the tax, The Wall Street Journal noted.

Finally, the plan would replace flawed incentives that reward excess profits from intangible assets with more generous incentives for new research and development; replace fossil fuel subsidies with incentives for clean energy production and ramp up enforcement to address corporate tax avoidance.

Biden would also boost the Internal Revenue Service's budget so that it can step up enforcement and tax collection efforts.
 
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