3 ms·
Dems are also the only ones at least proposing & trying to pass changes - even if not enough. Infra bill would be paid for by restoring higher corporate tax rat
by dillondoyle 6y ago
Dems are also the only ones at least proposing & trying to pass changes - even if not enough. Infra bill would be paid for by restoring higher corporate tax rate and a few law changes on foreign tax.
To me it's not all bluster. But I agree here in the loopholes are hard to close with entrenchment. The paid for definitely rests on way more sound math than republican 'job growth -> gdp' magic.
There is quite a lot but just a few things I quickly googled:
- calculate 21% tax on country-by-country basis, eliminate tax-free 10% foreign point of return
- make it harder to invert by acquiring/merging foreign companies to offshore profit
- eliminate tax benefits for “Foreign Derived Intangible Income” (e.g. shift IP abroad i think apple does this?). I think this one also moves those incentives stateside which would be good
https://www.cnbc.com/2021/03/31/biden-infrastructure-plan-to-raise-taxes-on-global-corporations.html https://www.cnbc.com/2021/03/31/biden-infrastructure-plan-to...
https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/ https://www.whitehouse.gov/briefing-room/statements-releases...
- gher-shyu3i 6y agoThey had their chance when the corporate tax rates were 35% or higher. We know the game, nothing is going to change with higher tax rates, except more money being wasted.
- throwaway189262 6y agoActually, they didn't. Democrats have only had majority control of congress and the presidency for 5 of the last 40 years. The rest of the time, Republicans can block any bills they don't like. And they really don't like huge corporations paying taxes.
- 0xy 6y agoObama had a supermajority and didn't do anything (except the lobbyist hellscape that is the current US healthcare system). He could've passed tax reform.
- dillondoyle 6y agoI agree that Obama squandered opportunities and I think Biden is trying to learn from those mistakes. The primary one is believing that Republicans will negotiate in good faith, let alone do anything bipartisan; the obstruction has reached untenable levels. One interesting thing too is the timeline of super majority - while there was 60 for a bit - wasn't as long as implied or as simple given the geriatrics being out of commission. If we ever get a super majority again - or get rid of filibuster - I personally want to see DC statehood as #1 priority, maybe PR and Guam too. https://scontent.fapa1-1.fna.fbcdn.net/v/t31.18172-8/324260_476367429051611_747866110_o.jpg https://scontent.fapa1-1.fna.fbcdn.net/v/t31.18172-8/324260_...