Tag: corporate tax

Republican Lawmaker Want Pennsylvania Corporate Tax Reduced Further

Bradley Vasoli

State representative Dallas Kephart (R-PA-Clearfield) wants to reduce Pennsylvania’s corporate net income tax (CNIT) to four percent by 2025. 

Last year, lawmakers budgeted a gradual decrease in the CNIT from 9.99 percent to 4.99 percent over the coming decade. Before the change, the Keystone State charged corporations the highest state business tax in the U.S., behind New Jersey’s 11.5 percent rate. Now at 8.99 percent, Pennsylvania’s levy is 8.99 percent — the fifth highest. Assuming other states’ rates stay constant, Pennsylvania’s CNIT will end up roughly in the middle in terms of corporate taxes in 2031. 

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Pennsylvania Governor and Business Leaders Celebrate Corporate Tax Reduction

Bradley Vasoli

Pennsylvania business advocates joined Governor Tom Wolf (D) at the York County Economic Alliance on Monday to welcome an upcoming change in tax policy championed by entrepreneurs across the commonwealth.

Via the new budget agreed to this summer by Wolf and the Republican-controlled General Assembly, Pennsylvania will begin a decade-long phased halving of its corporate net income tax (CNIT). Of the forty-four states with a business income tax, the size of the Keystone State’s current 9.99-percent rate is second only to New Jersey’s 11.5-percent tax. Besides these two states, only four others levy top business income tax rates that exceed nine percent.

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Smithsonian’s New FUTURES Exhibit Asks Visitors When We’ll See ‘Single Global Government’

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Bill Nye talks about the new FUTURES exhibit to go in Washington D.C.

The Smithsonian Institution’s new FUTURES exhibit asks attendees when they think we will see a “single global government.”

The global government question appears on a screen inside the exhibit that allows visitors to wave their hands in front of a camera to select an answer to the questions that show up.

“When might there be a single global government?” reads the question.

The answers that someone can choose from include time frames ranging from 10 years to 100 years or never.

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Over 100 Countries Agree to Back Global Minimum Corporate Tax

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A view of the North entrance of the U.S. Treasury Building in Washington D.C.

A total of 130 nations representing more than 90 percent of global GDP have agreed to a global minimum corporate tax, Treasury Secretary Janet Yellen announced Thursday.

The tax, proposed by Yellen and the Biden administration during the G7 conference, would establish a minimum corporate tax rate across all participating countries to prevent corporations from avoiding taxes by incorporating offshore, according to Barron’s. The plan is also intended to prevent countries from competitively lowering their tax rates to attract investment, according to a Treasury Department statement.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response,” Yellen said in the statement.

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President Biden Visits Virginia for ‘Getting America Back on Track’ Tour

Eric Burk
Joe Biden at elementary school

President Biden and First Lady Dr. Jill Biden visited eastern Virginia Monday for the “Getting America Back On Track” tour. The President stopped at Yorktown Elementary School in Newport News, and gave a pitch at Tidewater Community College for his $1.8 trillion American Families Plan (AFP). He said expanding education for every American is critical to keep the U.S. competitive internationally, and called for tax increases on corporations and the wealthy to fund the plan.

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In Debate, GOP Gubernatorial Candidates Discuss Amazon and Small Business

Eric Burk

Six of the seven GOP gubernatorial candidates met for a debate hosted by the Virginia Federation of Republican Women on Tuesday evening. Candidates answered questions about Dominion voting machines, Second Amendment rights, transportation, and funding law enforcement. Organizers said Pete Snyder had a prior engagement.

Larry O’Connor asked the candidates, “Amazon is king right now in northern Virginia if you didn’t know any better. How will we expect small businesses to survive when government regulations that make it difficult for them are thrown out the window for literally the richest man in the world? How do you plan to protect key real estate in northern Virginia from being swallowed up by one company as well?”

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Minnesota Firms Would Pay a Combined Corporate Tax Rate of 35.1 Percent Under Biden Plan

The Center Square
Joe Biden

The combined state and federal corporate tax rate in Minnesota would reach 35.1 percent under President Joe Biden’s infrastructure plan, representing a tie for the third highest levy among the 50 states, according to a new study from the Tax Foundation.

U.S. corporations currently pay a 21 percent corporate income tax rate to the federal government, the Tax Foundation reported, but they also pay additional corporate taxes in 44 states and Washington, D.C. State corporate income tax rates range from zero to 11.5 percent, so the current combined average paid by corporations is 25.8 percent, the study said.

Corporations based in six states – Ohio, Nevada, South Dakota, Texas, Washington and Wyoming – are charged no state income tax, though they have to pay their share to the federal government, the Tax Foundation said.

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