Posted on 03/09/2023 1:38:08 PM PST by ChicagoConservative27
President Joe Biden on Thursday proposed raising the corporate tax rate from 21 percent to 28 percent, a scheme that will likely burden both large and small businesses.
While the term “corporation” is widely used to depict large companies such as Microsoft, Walmart, and McDonald’s, C-corporations are both small and large businesses, the most prevalent of corporations. Individual shareholders of C-corporations already have profits taxed both on a corporate and personal level (double taxation).
In addition, small businesses account for 65.1 percent of net new jobs created from 2000 to 2019 and comprise 99.7 percent of firms with paid employees, according to the Small Business Administration (SBA). About 31 million small businesses exist in the United States. Eighty-one percent, or 25.7 million, have no employees (run and operated by a single person).
Biden announced a proposal on Thursday in Philadelphia to raise the corporate income tax by seven points, mostly erasing the Trump-era tax cuts Republicans enacted.
“The Budget would set the corporate tax rate at 28 percent, still well below the 35 percent rate that prevailed prior to the 2017 tax law,” the proposal reads.
(Excerpt) Read more at breitbart.com ...
At some point they don't and find more friendly business climates. Recall Britain in the 1960's.
That is going to help inflation as the corporations pass those hikes to their customers.
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Yep. Corporations don’t pay the taxes we do — but the dems like using them as collection vehicles and boogie-men.
Diaper Wearing Moron Slurs Something about Shtaches: Film of Him Falling Upstairs at 11.
“ The are intent on killing small businesses because they can’t control them like they can large companies.”
Fascism R Us
So many businesses are already gone in the last few years. Even a bunch that were around for more than 100 years.
Many small businesses can’t pass on increases in taxes and/or minimum wage increases.
And any tax increase they get we’ll just be passed onto the consumer in the form of inflation.
Obviously.
That’s why dinner for two at Wendy’s costs 26 bucks!
He should make it 90 pct and free trans surgery
Has as much chance of passing
True.
Exactly. For those few who might not get it, I'll extend that to "Corporations don't pay taxes, they COLLECT them." Any tax on corporations is passed on within the price of the product or service, meaning the corporation merely collects the money from consumers and turns it over to the government.
They need a new way to pay for their boondoggles in Ukraine...
The headline makes it sound as though he has already done this by fiat. It’s just a proposal in a D.O.A. budget that is nothing but political grandstanding.
“Corporations don’t pay taxes you diaper wearing moron.”
That’s one of its benefits.
Corporations raise prices on the products. Those increased prices are paid by consumers.
Savers exempt.
Additionally, it’s a highly regressive method to raise revenue...people at the bottom on the income brackets spend ALL their money. EVERYONE is part of the revenue base.
It’s the next best thing to a sales tax for regression. In some ways it’s even more regressive as it reaches into foods and medical products.
Just exempt C Corps.
Raising tax rates is a much worse idea than tightening loopholes. Large corporations with loopholes don’t care what the maximum rate is if they don’t pay it due to their loopholes. In 2019 Amazon paid tax at a 1.2% rate, after paying no tax at all in 2018 & 2017.
It doesn’t seem obvious to the ‘Rats.
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