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 ...
Those taxes would apply to voting machines, not actual humans.
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.
Kevin better stop this merd.
(from 21 percent to 28 percent)
BidenDepression 2023
Oh, and World War III
/shiny side out
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.
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!
Hopefully, the House of Representatives will stop it.
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.
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.
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