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Key GOP Senators Say They're Open To Corporate Tax Increase


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Axios

Key GOP senators say they’re open to corporate tax increase

1d57d65b950e21f0c250a14a80b0ef5a

Kadia Goba
Thu, April 22, 2021, 8:45 PM
 
 

Some key Republican senators won't rule out raising additional revenue from corporations, and told Axios they may be willing to close loopholes that allow big businesses to eliminate their overall tax bill.

Why it matters: While President Biden’s proposal to raise the corporate tax rate from 21% to 28% to pay for his infrastructure plan has been met with near-uniform GOP opposition, there’s some appetite to ensure corporations pay more.

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  • “I'm willing to do some things on the revenue front if they can do some things on the-way-the-government-works front,” said Sen. Lindsey Graham (R-S.C.).

  • “The way you do that is you sort of put some limit on write-offs,” Graham added.

  • “I believe everybody should pay their fair share,” said Sen. Mike Braun (R-Ind.). “I come from the world of small business. So, I scratch my head when big corporations don't pay their fair share of taxes.”

 

Sen. Ted Cruz (R-Texas) used the occasion to lobby for a flat tax.

  • “I think the tax code is filled with loopholes and subsidies that aren't fair," he said. "The answer isn't to eliminate every exemption and keep rates high — that's a massive tax increase. The answer is to eliminate the exemptions and lower rates."

  • Some of the comments came the same day Senate Republicans introduced their own infrastructure plan that included “protecting against any corporate or international tax increases.”

Driving the news: The president has highlighted a study from the left-leaning Institute on Taxation and Economic Policy showing 55 corporations actually received $3.5 billion in tax rebates, instead of paying approximately $8.5 billion in taxes on some $40.5 billion in income.

  • "It's just not fair. It's not fair to the rest of the American taxpayers," Biden said when he unveiled his corporate tax proposal on April 7.

Go deeper: The president has proposed raising an additional $2 trillion from corporations by focusing on three areas.

  • He wants to raise their basic tax rate from 21% to 28%.

  • For U.S. multinationals, he plans to increase taxes on their foreign earnings from 10.5% to 21%.

  • He has also proposed a 15% minimum tax he wants to apply to all corporations — a catchall to prevent companies from lowering their tax payments to zero.

Be smart: While the president favors a 28% rate, Senate Democrats already appear to be settling on a 25% rate, as Axios reported this week.

 

https://news.yahoo.com/key-gop-senators-open-corporate-004535967.html

 

GO RV, then BV

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About time!

 

 

https://publicintegrity.org/inequality-poverty-opportunity/taxes/trumps-tax-cuts/you-paid-taxes-these-corporations-didnt/

 

The following is a list of the country’s largest publicly-held profitable corporations that paid no federal income taxes in 2018 on billions in U.S. income, according to ITEP analysis of 560 companies. ITEP reports U.S. income before federal taxes, and takes into consideration paid state and local taxes, which could reduce or increase U.S. income.  The report does not look at total tax provision, a number that could include foreign taxes and deferred taxes. All figures, except for tax rate, are in millions.

Company U.S. Income Federal Tax Effective Tax Rate
Amazon.com $10,835 –129 –1%
Delta Air Lines $5,073 –187 –4%
Chevron $4,547 –181 –4%
General Motors $4,320 –104 –2%
EOG Resources $4,067 –304 –7%
Occidental Petroleum $3,379 –23 –1%
Honeywell International $2,830 –21 –1%
Deere $2,152 –268 –12%
American Electric Power $1,943 –32 –2%
Principal Financial $1,641 –49 –3%
FirstEnergy $1,495 –16 –1%
Prudential Financial $1,440 –346 –24%
Xcel Energy $1,434 –34 –2%
Devon Energy $1,297 –14 –1%
DTE Energy $1,215 –17 –1%
Halliburton $1,082 –19 –2%
Netflix $856 –22 –3%
Whirlpool $717 –70 –10%
Eli Lilly $598 –54 –9%
IBM $500 –342 –68%
Goodyear Tire & Rubber $440 –15 –3%
Penske Automotive Group $393 –16 –4%
Aramark $315 –48 –15%
AECOM Technology $238 –122 –51%
Tech Data $203 –10 –5%
Performance Food Group $192 –9 –4%
Arrow Electronics $167 –12 –7%
Source: Institute on Taxation and Economic Policy  
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Yes, let's eliminate the loop holes so that corporation's  pay more. Oh wait, when they pay more we, the consumer

are stuck with price increases. Crap flows down hill people. A flat tax rate would be a good idea. That way everybody pays according to their profits. Expenses are deducted then the profits are taxed. 

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Heck if your all in for more taxes, why don't you folks just send all your money to Government. You defend the party and it actions. Just send it all, along with your tax returns...that is if you work... 

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20 minutes ago, nstoolman1 said:

Yes, let's eliminate the loop holes so that corporation's  pay more. Oh wait, when they pay more we, the consumer

are stuck with price increases. Crap flows down hill people. A flat tax rate would be a good idea. That way everybody pays according to their profits. Expenses are deducted then the profits are taxed. 

 

Expenses is the buzz word.....there's probably thousands of ways to inflate expenses.  A flat tax is the way to go though, on this I certainly agree.  

 

GO RV, then BV

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8 minutes ago, yota691 said:

Heck if your all in for more taxes, why don't you folks just send all your money to Government. You defend the party and it actions. Just send it all, along with your tax returns...that is if you work... 

 

Send my tax returns to the IRS every year, don't you?  :shrug:

 

GO RV, then BV

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39 minutes ago, nstoolman1 said:

I am talking legitimate expenses. Costs of materials, employees and real estate. 

 

Legitimate is the key word....for example, who gets to valuate a company's real estate?  Who pays them?

 

GO RV, then BV

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50 minutes ago, Shabibilicious said:

 

Legitimate is the key word....for example, who gets to valuate a company's real estate?  Who pays them?

 

GO RV, then BV

I am speaking of the cost of real estate. The monthly mortgage cost, not the depreciation. Only true expenses of running a business. 

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13 hours ago, Shabibilicious said:

A flat tax is the way to go though

It would get the illegals, whores, drugs dealers, etc involved - for sure.

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This White House announcement just TANKED stocks

 

 

 

4tluv
17 hours ago
Biden is messing up America one executive order at a time. I am so sick of it

 

 


 


Zach A
17 hours ago
"Government is not the solution to the problem,  it IS the problem." -Ronald Regan, former President of the USA 🇺🇸

 

 


 


Peter Smart
17 hours ago
“The problem with socialism is that you eventually run out of other people's money.”

― Margaret Thatcher



bearnan57
17 hours ago
It's time to cancel the demon rats, before they destroy what's left of our country!!!!

 



LB
17 hours ago
This administration is only here to destroy America people need to know what’s going on a little more than they do

 



Sandra Lopez
16 hours ago
As long as these people are in office....we are doomed for disaster!

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