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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