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Joe Biden Announces Corporate Tax Hike to 28%, Likely to Burden Small Business
Breitbart ^ | 03/09/2023 | WENDELL HUSEBØ

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 ...


TOPICS: Breaking News; Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: biden; bidendestroyseconomy; bidenflation; bidenomics; bidenrecession; bidenvoters; corporate; dementiajoe; hike; moretaxes; tax; taxandspendjoe; taxhike; thiefinchief; whowillridus
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To: Vision

Those taxes would apply to voting machines, not actual humans.


61 posted on 03/09/2023 5:48:54 PM PST by Texas resident (Who is running our country?)
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To: ChicagoConservative27

I can totally see a scenario under which the Republicans “compromise” on some sort of progressive corporate income tax. “Fiscal conservatism” is always looking for a way to surrender. Mitch and Kevin would go for a deal. I doubt that it will come to that. The Left won’t push this too much, especially if they get something else.


62 posted on 03/09/2023 6:31:37 PM PST by cdcdawg (Hoes mad! LOL! )
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To: ChicagoConservative27

Kevin better stop this merd.


63 posted on 03/09/2023 6:47:32 PM PST by Shady (DC Politicians have negated their need to represent US when they bastardized the vote.)
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To: ChicagoConservative27

(from 21 percent to 28 percent)

BidenDepression 2023

Oh, and World War III

/shiny side out


64 posted on 03/09/2023 7:25:40 PM PST by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: ETCM
Any tax on corporations is passed on within the price of the product or service

Maybe a Walmart does, but small companies rarely have the pricing power to just impose a big increase on their customers. But as others have mentioned above, hurting (largely Republican-owned) small businesses is mpart of the WEF Master Plan.

65 posted on 03/09/2023 7:37:17 PM PST by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
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To: Mr. Jeeves

I’m so sick of Democrats I could puke, and really, all politicians over the past 40 years. The two parties are one and the same.

Tax the rich! Weaken defense! Deplete our petroleum reserves! Give all our money away to foreign countries! Destroy the middle class! Do these people stand for anything that strengthens this country? They are on a mission to destroy it, always — why do we tolerate it? We haven’t had a true American in the White House or in Congress in generations!


66 posted on 03/09/2023 8:01:04 PM PST by LibsRJerks
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To: ChicagoConservative27

Hopefully, the House of Representatives will stop it.


67 posted on 03/09/2023 8:19:44 PM PST by Enlightened1
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To: ChicagoConservative27
Just pre-election 2024 posturing. The dems know full well that none of this nonsense (wealth tax, etc) will pass so they want to be able to use it in the run-up to 2024 claiming that they would be able to do all of these "wonderful" things "for the people" like shoring up medicare, but those "evil" Republicans won't pass it, so now we must all suffer.

How about redirecting some of the hundred billion going to Ukraine to shoring up Medicare?

We are broke. The debt is $31 trillion and climbing. Everything we spend is on the national 'credit card' that has no prospect of being paid off. The only thing keeping the plates spinning and the balls in the air is the fact that the US Dollar is the world's reserve currency. If that were to change, it is game over.

68 posted on 03/10/2023 1:51:14 AM PST by American Infidel (Instead of vilifying success, try to emulate it)
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To: ChicagoConservative27

My company is a family business, I’m the 4th generation now running it.

We have always been an S corp until Trump lowered the rate to where it made sense to switch to a C corp. Now if this goes through I’m going to have to switch back to S to try and lower my burden.

I know you can only do that back and forth switch once within a few years and there is a limit that is allowed, so I will need to get my accountant on the phone and have him tell me what to do now.


69 posted on 03/10/2023 4:35:29 AM PST by Abathar (Proudly posting without reading the article carefully since 2004)
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