During his State of the Union address, President Joe Biden showed that when it comes to taxes, he is playing a game of yards, because companies, in his view, simply make too much money.
In his “Finish the Job” speech, Biden ran right up the middle of the field of investments set aside by workers who for decades thought they had made wise decisions on their own retirement plans.
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Minnesota’s top marginal corporate tax rate, 9.8%, is the second-highest the nation, according to an analysis the Tax Foundation released Tuesday.
The North Star State is one of the 44 states that levy corporate income taxes. Nationally, on average, these taxes accounted for 7.07% of state tax collection and 4.04% of state general revenue in fiscal year 2021, the report said.
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by Ross Pomeroy One of the main planks of President Biden and congressional Democrats’ agenda is making corporations and high-earning Americans “pay their fair share” through higher taxes. But a recently published analysis in the journal SAGE Open delving into sixty years of U.S. economic data from 1960 to 2020 suggests that their proposal, if implemented, could backfire. “In short, as the top corporate rate or top personal rate goes higher, real GDP per capita decreases,” the authors, Ted Peterson, an Adjunct Professor in the Department of Political Science, and Zachary Blair, a recent graduate focusing on advanced financial analysis, reported. Peterson and Blair sought to explore how the top corporate and personal tax rates correlated with real gross domestic product (GDP) per capita, which shows a country’s economic output per person adjusted for inflation. Though imperfect, the measure is considered a proxy for the economic wellbeing of a country’s citizens. In the United States, the corporate tax rate currently stands at 21%, lowered from 35% in 2017 when President Trump and congressional Republicans passed the Tax Cuts and Jobs Act of 2017. The top personal tax rate for 2022 is 37% for individual incomes over $539,900 or $647,850 for married couples filing jointly. President…
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The Michigan Senate approved a bill that aims to lower the personal and corporate tax rate to 3.9%.
Michigan currently taxes corporations at 6% and Michiganders at a flat 4.25% income tax.
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Senator Mark Warner (D-Virginia) and other members of a bipartisan team of 21 senators announced an infrastructure plan that includes $579 billion in new spending over the next five years. President Joe Biden also announced his support for the deal on Thursday. Warner and Biden highlighted it as a win for bipartisanship. At the same time, Biden emphasized that he wouldn’t sign the bill without Democrats passing an additional larger infrastructure bill through reconciliation.
“This group of senators, and all the American people, can be proud today, because we’ve reaffirmed once again: we are the United States of America,” Biden said. “I know a lot of you in the press, particularly, doubt that unity is possible, that anything bipartisan is possible. It’s hard, but it’s necessary, and it can get done.”
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The Biden administration proposed a minimum global corporate tax rate of 15%, but said it hoped world leaders would negotiate a more “ambitious” minimum rate.
Treasury Department officials proposed the 15% minimum corporate tax rate during an Organization for Economic Cooperation and Development (OECD) meeting on taxation Thursday. The meeting marked the initial discussions over a global minimum rate between nations after the Treasury Department had previously pushed for such a tax to stop the global “race to the bottom.”
“Treasury proposed to the Steering Group that the global minimum tax rate should be at least 15%,” the department said in a statement Thursday. “Treasury underscored that 15% is a floor and that discussions should continue to be ambitious and push that rate higher.”
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President Biden has just unveiled a new $2.3 trillion “infrastructure” plan, but a shockingly large portion of this bill is actually unrelated to infrastructure.
The plan includes massive subsidies for corporations as well as state and local governments, and comes right after the administration’s proposed increase in the corporate tax rate, which would raise the rate from 21 percent to 28 percent.
There’s $300 billion for manufacturing, $100 billion for electric utilities, $100 billion for broadband, $174 billion for electric vehicles, and a whole lot more. A significant portion of this spending is directed at subsidizing big corporations.
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Amazon endorsed President Joe Biden’s proposed higher corporate tax rate despite its history of routinely avoiding most or all of its federal tax obligations.
The massive online retailer supports President Joe Biden’s plan to pay for the $2 trillion infrastructure plan he unveiled last week, Amazon CEO Jeff Bezos said in a statement Tuesday. Biden announced that the plan would raise the corporate tax rate from 21% to 28%.
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