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Politics USA: biden is ready to negotiate corporate tax, but has enough of the bad payers

10:25  08 april  2021
10:25  08 april  2021 Source:   parismatch.com

Biden to propose $2 trillion infrastructure, jobs plan funded by corporate tax hike

  Biden to propose $2 trillion infrastructure, jobs plan funded by corporate tax hike The White House is comparing President Joe Biden's infrastructure proposal to the construction of interstate highways and the Space Race.The White House is billing the proposal, dubbed the American Jobs Plan, as a domestic investment not seen in the U.S. since the construction of the interstate highways in the 1950s and the Space Race a decade later.

Biden faces stiff opposition from Republicans, major corporations and even some in his own Democratic Party to key elements of the proposal he laid out a week ago, which must be approved by Congress to become a reality. The president said he would not accept making no changes at all on The largest share of funding would come from an increase in the corporate tax rate to 28%, from the 21% levy set by then-President Donald Trump's 2017 tax cut. The administration released more details on Wednesday about the tax components of the plan, which also include higher levies on companies'

Corporate CFOs surveyed by CNBC after the election do not think a repeal of the Trump corporate tax cut Joe Biden had planned and a business tax hike to 28% is likely. Overall, CFOs are more likely to be of the view that President-elect Biden will be neutral for business rather than a positive or negative, according to the Q4 CNBC Global CFO Council Survey. Chief financial officers of North America -based multinational corporations agree with the Wall Street assessment of tax policy, according to the Q4 CNBC Global CFO Council Survey, completed shortly after the election.

USA-Taxes-biden: USA: biden is ready to negotiate tax on companies, but has enough bad Payers

USA: BIDEN EST PRÊT À NÉGOCIER L'IMPÔT SUR LES SOCIÉTÉS, MAIS EN A ASSEZ DES MAUVAIS PAYEURS © Reuters / Kevin Lamarque USA: Biden is ready to negotiate corporate tax, but has enough of the bad payers

by Trevor Hunnicutt and Jeff Mason

(Reuters) - Joe Biden launched a vibrant call for US companies to accept a reform project to finance its $ 2.300 billion infrastructure plan (1.935 billion euros), but it indicated that it was ready to negotiate the exact amount they would have to pay.

"I am ready to negotiate (the amount)," he told reporters. "But we have to pay for (this plan)."

The American President must face a strong opposition from Republicans, large companies and even some members of his own party to certain elements of his project.

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Biden forcefully defended his proposed corporate tax hike, while saying he was open to a compromise. He said he's "sick and tired of ordinary people being fleeced" while large firms get away with little or no income taxes . President Joe Biden made a forceful pitch for his massive infrastructure package on Wednesday, arguing his proposed 28% corporate tax hike would level the playing field between large companies and average Americans. "I'm not trying to punish anybody, but dammit - maybe because I come from a middle class neighborhood - I'm sick and tired of ordinary

The proposed increase to the corporate tax rate in President Joe Biden 's landmark infrastructure plan will not lead to a significant reduction in business investment, according to a new study from the University of Pennsylvania's Wharton School. Bonus depreciation allows companies to immediately deduct a large chunk of the purchase price of certain assets, like capital equipment, instead of marking its value down over several years. Trump's 2017 tax cuts doubled the bonus depreciation deduction to 100% from 50% for qualified property.

Joe Biden argued that the position of the United States as a pre-eminent global power was threatened by China if the investments it described were not realized, claiming that it would be unacceptable not to go from 'before.

"America is no longer the world's first power because we do not invest," said Joe Biden. "I do not know why we can not understand that".

China, he said, "counts on the fact that American democracy is too slow, too limited and too divided to follow the rhythm" and "we can not afford to give them reason."

The US President proposed to invest over eight years in the construction of roads and bridges, the renovation of housing, the expansion of access to the Internet, the care of the elderly, the financing of the industry. national manufacturing and the construction of high speed trains.

Biden releases full tax plan to raise $2.5TRILLION in 15 years

  Biden releases full tax plan to raise $2.5TRILLION in 15 years President Joe Biden will tackle Republican criticism of his infrastructure plan as his administration released his plan to overhaul the corporate tax code, whin would raise $2.5 trillion over15 years.His speech comes as his Treasury Department unveiled its plan to overhaul the corporate tax code, which, if enacted, would raise $2.5 trillion in revenue over 15 years to pay for the infrastructure package.

She stated that the goal of such a tax was to protect American interests by preventing companies from “shifting their earnings offshore” in the wake of planned raises designed to pay for Biden ’s infrastructure plan. The United States might be described as a ‘Bourgeoise democracy’ in the finest sense of the term, that is, whilst the country on paper is a ‘democracy’, in practice this is a state which is dominated by a coalition of the super-rich and is subsequently skewed towards their interests, as opposed to those of the ordinary people.

Biden 's tax plan, which is expected to be discussed by G20 finance officials on Wednesday, seeks to deter multinational companies from shifting profits to low- tax jurisdictions by setting a broadly agreed global minimum. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.

According to the White House, Joe Biden's plan did not heour the country's long-term debt. Most of the funding would come from an increase in the corporate tax rate, which would increase to 28% compared to 21% as part of the 2017 tax reduction decided by the former president, Donald Trump.

The Biden administration has published more details Wednesday on the tax components of the plan, which also provides for higher levies on the benefits of companies abroad, a minimum new tax on the benefits that companies declare to investors and the Funding for a larger number of law enforcement officials by the Internal Revenue Service.

These efforts, baptized "Fiscal Plan for America", would improve $ 2.5,000 billion over 15 years, according to the Treasury Department.

Critics Aircraft

The corporate lobby and republicans have been very critical of the financial aspect of the proposal.

White House Sees GOP’s Corporate Tax-Cut Defense as a Big Loser

  White House Sees GOP’s Corporate Tax-Cut Defense as a Big Loser The White House views Republican attacks on President Joe Biden’s proposal to use corporate tax hikes to pay for a vast infrastructure program as a losing argument in the battle for public opinion, aides and allies of the administration say. The GOP -- which successfully painted the Obama-Biden administration’s initial spending programs as economically ineffective and wasteful in the run-up to the 2010 congressional elections -- has joined with the business lobby in the past week to assail Biden’s proposed tax increases.

Manchin rejects biden 's corporate tax hike. But the plan has drawn a swift rebuke from Republicans in addition to some members of Biden 's own party, who have raised concerns that the tax increases included in the measure could derail the economy's recovery from the pandemic and Joe Manchin, D-W.Va., has suggested the administration should instead pay for the measure by increasing the corporate tax rate to 25% and closing loopholes used by wealthy Americans to dodge taxes . "As this bill exists today, it needs to be changed," Manchin, one of the most powerful lawmakers in the

Biden was almost 15 minutes late to his own very first “formal press conference” since taking office. He dodged questions, spouted platitudes and talking points, went off on tangents at times while getting angry and uttering what may have sounded like threats at others. Never mind that the tide began the day he was announced winner of the 2020 election, or the migrants who literally told reporters they decided to come because Biden got elected, or wear T-shirts with his campaign logo and the words “please let us in.”

However, the leader of the minority of the Senate, Mitch McConnell, left the door open to a possible compromise. He said Wednesday that a bill on infrastructure could get the support of Republicans if he targeted traditional roads for roads, bridges and broadband without "completely review" the 2017 tax reduction.

One of Joe Biden's closest allies in the Senate, Democrat Chris Coons, launched an ultimatum to Republicans on Wednesday. He stated that they would have until the end of May to negotiate a compromise project before the Democrats adopt their own legislation.

A decision made on Monday by the American Senate would allow the Democrats to adopt the bill even in the event of republican obstruction, based on the vote of Vice President Kamala Harris to separate the two Houses. Sixty voices are usually needed to overcome an obstruction.

"I'm pretty"

the political leader of the US Chamber of Commerce, Neil Bradley, said the need for infrastructure was not an excuse for adopting "tax increases that will harm the US companies and cost American jobs ".

Joe Biden replied by attacking companies who pay little or no federal taxes.

"I'm not trying to punish anyone, but good blood - that's perhaps because I come from the middle class - I have enough that ordinary people are plucking," said the US President.

The Director General of Amazon, Jeff Bezos, said Tuesday that he was in favor of an increase in the corporation tax rate in the United States as part of infrastructure reform, without approving one of the measures. precise formulated by Joe Biden.

(French version Camille Raynaud)

Democrats offer competing tax ideas on Biden infrastructure .
Congressional Democrats are debating how they should raise taxes to finance President Biden's infrastructure plan, with minor disagreements emerging in the early stages.The White House has proposed raising the corporate tax rate from 21 percent to 28 percent and increasing taxes on U.S. companies' foreign earnings. But some Democratic lawmakers are pushing back on aspects of the tax proposals, while others have suggested ideas that diverge from the administration's plans. Reaching consensus on taxes will be among the top challenges for Democrats as they work to enact an infrastructure and jobs package in the coming months.

usr: 0
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