President Joe Biden’s proposal to increase the United States’ Global Intangible Low-Tax Income (GILTI) tax will lead to job losses at 266 public companies in Arizona, according to research from Arizona State University.
The proposal doubles the GILTI rate to 21% from 10.5%. Ninety-four percent of U.S manufacturers believe the increase will harm their business, according to a National Association of Manufacturers (NAM)survey on Sept. 9.
The study by the Seidman Institute at ASU’s W. P. Carey School of Business and Ernst & Young’s Quantitative Economic and Statistics Team (QUEST) said the tax “is specifically targeted at the income earned by foreign affiliates of those companies from intangible assets including intellectual property such as patents, trademarks, and copyrights.”
Over 20 mayors from across the state of Arizona penned a letter announcing their support for Governor Doug Ducey’s newly proposed tax plan.
Ducey and the group of mayors argue that the plan will allow for greater investments throughout Arizona.
There is a deep irony in President Joe Biden’s decision to start looking for support for his American Job Killing Tax Plan in Pittsburgh, Penn.
And make no mistake: Biden’s so-called American Jobs Plan is a tax increase bill masquerading as an infrastructure bill – which is in turn masquerading as a jobs bill. It will not create jobs or ultimately improve our infrastructure. It will kill jobs and make infrastructure projects more expensive in time and money.
U.S. Rep. Diane Black (R-TN-6), who is running for Tennessee governor, is supporting President Trump’s plan to fix the tax code, which was last updated by President Ronald Reagan in 1986. Black was recently endorsed in her gubernatorial bid by Reagan adviser Art Laffer. Laffer, who lives in Nashville, will serve as…
President Donald Trump’s tax plan, a broad and general plan that would make supply-siders such as Ronald Reagan and Jack Kemp very happy, could be held up by a number of details that are making some Republicans nervous. One is the elimination of an income-tax deduction for high-tax states such…