Posted on 01/28/2021 12:07:39 PM PST by Hojczyk
EY CEO Carmine Di Sibio has a message for President Biden: Tread carefully when it comes to raising corporate taxes.
“Any raise in the corporate tax would be a threat to U.S. business,” Di Sibio told Yahoo Finance Live. “I do think it would make the U.S. less competitive, and I think the tax rate elsewhere would be more beneficial.”
Biden has promised to roll back former President Trump’s 2017 tax cuts, which Di Sibio said were “very important for Corporate America.”
Trump slashed the U.S. corporate tax rate from 35% to 21%. Biden has proposed increasing that rate to 28%, in addition to a 15% minimum book tax.
“I think President Biden would have to be careful in terms of the corporate tax rate to make sure that we don't drive business outside of the U.S.,” Di Sibio said, adding that it’s important for Biden to “have business as a stakeholder.”
At her Senate confirmation hearing last week, then Treasury Secretary nominee Janet Yellen told lawmakers that the U.S. could absorb higher corporate taxes, as long as it remained competitive with other countries.
“We look forward to actively working with other countries through the [Organization for Economic Cooperation and Development] negotiations on taxes on multinational corporations to try to stop what has been a destructive, global race to the bottom on corporate taxation,” she told lawmakers.
(Excerpt) Read more at finance.yahoo.com ...
As intended.
Well, that IS Joe Joe’s intention. America Last...always.
This is the real reason why we haven’t had alien contact. By the time a species reaches the point in technology where it becomes possible to have space travel directed by private citizens and entrepreneurs begin to fill the gaps threatening to gain wealth uncontrolled by government, democrats take over and drive the planet back to the stone age.
WOW
Don’t like it?
Move your company to China...
Oh,. wait..
And some wonder why Trump had any success in bringing manufacturing to USSoil.
Hope every woke corp gets eviscerated.
“Any raise in the corporate tax would be a threat to U.S. business,” Di Sibio told Yahoo Finance Live. “I do think it would make the U.S. less competitive ...”
That would be difficult to refute. I’m not sure how a Leftist would even begin to try to go about it.
Socialism much? So much for “The Business of America is Business”
On the other hand, many, many companies have been virtue signaling the last year by embracing BLM and the cancel culture so.....
Let’s not forget the Nat Assoc of Mfg that wanted Trump forcibly removed from office.
welcome to the Venezuelan business model
That’s not a bug, that’s a feature.
Yep.
Organizations affiliated with EY (Ernst & Young) donated $400K to Biden compared to $55K to Trump. Reap what ye have sown!
Senile Xiden didn’t come up with this corporate tax increase idea. The people behind Xiden did. Who exactly are those people so hell-bent on destroying the US. I know every one here will say the commies, but I want to know names.
There are and have been so many loopholes. Some were closed, but the big tech companies are grandfathered which is why they pay 2%-4% effective rate on tens of billions in profits. They licensed their own content to their own overseas subsidiaries in tax havens, to put it succinctly, leaving very little profit in the US to tax.
A US manufacturer-exporter could still use transfer pricing and many other mechanisms to shift profits or divide profits among many subsidiaries to keep them under the top rates. Costs $1.00, sell it for $1.10 to an overseas tax haven subsidiary who then sells it for $10 to customers. The manufacturer shows 10% gross profit, probably even generating a net loss after expenses, while the overseas subsidiary makes 1000% profit and pays nothing.
“That would be difficult to refute. I’m not sure how a Leftist would even begin to try to go about it.”
They’d call you a raciss. Where you been?
Exactly.
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