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 ...
That is some silly shit from the homos running The White Hospice, taking up a news cycle that hurts them in a dead-news week.
The top 8 % pay 43 % of the taxes the feds receive.
They do, at a lower rate than individuals, because then the individuals with stock in the corporation pay taxes on their dividends and capital gains, as well as the employees, who pay taxes on their salaries.
I pay 43% often...........
The debate then is Biden just stupid? Or is this vindictiveness’.
More economic ignorance from Democrats.
Just think if you were Musk he paid over 2 billion in taxes.
Correct. Also great clickbait to get the other side rilled up.
So predictable.
OBAMA, JARRETT, AND SUSAN...that’s who is behind this...betcha
Need the money to fund the cokehead in Kiev.
There are enough bat**** crazy Demonrats in congress that this might actually have passed the last congress. It has 0.00000% chance of actually becoming law.
It's Biden's 2024 campaign:
Eat the rich and perpetual war. (It might be a winner.)
In Los Angeles and San Francisco about 45% of small business’s went out of business because of the democrat party scamdemic lockdown. The democrats would say it is ok for walmart or amazon to stay open and grocery stores but not any of the business’s next to them.
I’d like to think this budget would be Dead On Arrival when it hits McCarthy’s desk. But these days, you never know.
All they will do is pass the raise to the consumers. The ripple effect will be higher prices and more inflation.
The House is supposed to originate the budget, not the President. So it’s DOA anyway. Unless the Republicans cave and give up without a fight as usual.
Don’t under estimate the repubs for their ability to screw up a rock fight.
I don’t.
Change it to only taxing Biden voters. Problem solved.
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