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Biden’s $2T infrastructure plan to be funded by corporate tax hike proposal
Fox Business News ^ | March 31, 2021 | Brittang De Lea

Posted on 03/31/2021 4:24:23 AM PDT by buckalfa

Dubbed the American Jobs Plan, the White House said the “once-in-a-century capital investment” in U.S. infrastructure will create “millions” of good-paying jobs and position America to “out-compete” China by spending about 1% of GDP per year over the course of 8 years. [snip]

In order to pay for this legislation, Biden also proposed what he has called the Made in America Tax Plan, which would raise the corporate tax rate to 28% from 21%. It would also increase the minimum tax on multinational corporations to 21% and “calculate it on a country-by-country basis so it hits profits in tax havens,” alongside several other efforts to eliminate perceived loopholes in the corporate tax code.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Government; News/Current Events
KEYWORDS: bideninfrastructure; corporatetaxes; g7; infrastructure; madeinamericataxplan; multinationaltax; offshoring; taxes; yellen
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For discussion is the proposal of taxing off shore income of multinational companies. Would that not predicate a bigger flood of corporate inversion than just a straight tax hike?
1 posted on 03/31/2021 4:24:23 AM PDT by buckalfa
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To: buckalfa

It’s just nice to know that corporations have piles of trillions of dollars sitting around so that they can pay this sort of tax. I don’t have any idea where corporations get their money, but I’m just glad to know they have so much of it.


2 posted on 03/31/2021 4:26:06 AM PDT by ClearCase_guy ("I see you did something -- why you so racist?")
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Factoring in money AS IF CORPORATIONS will just sit back, take it and pay out is as stupid as can be. They’ll just go overseas again. They’re all set up to flip back over because they knew the Trump era was going to be temp.


3 posted on 03/31/2021 4:30:40 AM PDT by USCG SimTech
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To: ClearCase_guy

As everyone who has any sense knows, corporations are merely tax collectors for the government. Raise their taxes, they raise their prices. “They don’t pay the taxes, you do.”


4 posted on 03/31/2021 4:31:08 AM PDT by griswold3
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To: ClearCase_guy

Leftists have core beliefs

That much is true.

Sometimes they even believe them.

For a measure of pap and a dosage of crap

You simply cannot just exceed them.


5 posted on 03/31/2021 4:33:49 AM PDT by rlmorel ("I’d rather enjoy a risky freedom than a safe servitude." Robby Dinero, USMC Veteran, Gym Owner)
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To: griswold3

Stagflation here we come.


6 posted on 03/31/2021 4:35:19 AM PDT by spokeshave (White Confederate statue kills black man......Another month of protests.... (HT to seawolf101))
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To: USCG SimTech
They’ll just go overseas again. They’re all set up to flip back over because they knew the Trump era was going to be temp.

Yep, and on top of that they'll raise prices too. Any way one slices it, the end consumer is screwed by pResident Xiden's tax increases and the job losses that will result due to this massive tax increase on Corporations (you know, the ones that creaete jobs) are going to be staggering.

Ford has already announced they're shifting a bunch of production back to Mexico. GM will likely do the same/similar and those jobs that were leaving China and destined to come back to the U.S. will simply go to South Korea, Japan or elsewhere in Asia-Pac. They're not going to come back here just to pay more taxes.

7 posted on 03/31/2021 4:38:18 AM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: ClearCase_guy

Every single large corporation I know of pushes leftist PC crap.
Of course, this will just wind up hurting us...


8 posted on 03/31/2021 4:45:46 AM PDT by EEGator
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To: buckalfa

Get ready now for hyper-inflation, spend your stacks of paper “money” on hard tangible goods, gold, silver, collectible autos, land, houses.

My house value on Zillow just keeps going up and up and up!

I could sell, but can’t live in a camper lol


9 posted on 03/31/2021 4:46:03 AM PDT by baclava
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To: buckalfa
For discussion is the proposal of taxing off shore income of multinational companies.

This level of unfair confiscation will simply cause multinational companies to withdraw from the American market.

We are rocketing to the Soviet Union model.

People will have money but nothing to spend it on.

10 posted on 03/31/2021 4:56:07 AM PDT by Lazamataz (I feel like it is 1937 Germany, and my last name is Feinberg.)
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To: buckalfa

Transportation manager butt boy wants a mileage tax on citizens, easily done with ez pass


11 posted on 03/31/2021 5:03:45 AM PDT by ronnie raygun
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To: buckalfa

These companies assisted the coup against Trump. Tax them into oblivion for all I care.


12 posted on 03/31/2021 5:08:27 AM PDT by nonliberal (Caput gerat lupinum)
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To: buckalfa

I thought all the, “shovel ready jobs” had been taken care of? This is a slush fund replenishment proposal.

Biden is applying the, “road and belt” initiative / corruption bonanza to America; it’s graft wearing an infrastructure mask to buy votes for leftists.


13 posted on 03/31/2021 5:11:48 AM PDT by outofsalt (If history teaches us anything, it's that history rarely teaches anything.)
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To: outofsalt

Typical “Reward Your Friends, Punish Your Enemies” Obama MO.


14 posted on 03/31/2021 5:23:48 AM PDT by griswold3
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To: griswold3
How does a corporation raising prices for its customers do anything to do with corporate tax rates rising from 21% to 28%?

These corporate taxes are not “collected” from the customers at all. They are paid by the company out of its own profits.

15 posted on 03/31/2021 5:28:40 AM PDT by Alberta's Child ("And once in a night I dreamed you were there; I canceled my flight from going nowhere.")
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To: Alberta's Child

Corporations maintain their profit margin by raising prices when costs are increase. Taxes are a cost.


16 posted on 03/31/2021 5:33:29 AM PDT by griswold3
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To: buckalfa

In what world does Biden live where tax hikes of that magnitude are not passed onto the consumers along the line?

It is like a VAT that starts on the initial supplier and snowballs down the line.

We are in for a world of hurt financially.

MMT is a theory supposedly already in effect as the trillions have already been “printed” and dispersed over the past decades.

As long as the US has the reserve currency, the PTB can continue, but there are two camps. One views the dollar as getting stronger since it is the less ugly sister on the world financial stage. The other camp sees a total implosion and loss of the reserve currency status which would be a terrible reckoning. See Great Britain’s experience. My SO was in London when the pound sterling was devalued in the 60’s. He remembers the garbage piled up on the streets during the strikes, the prices of everything skyrocking, and the day-to-day agony of people without jobs, money, or a future.


17 posted on 03/31/2021 5:34:02 AM PDT by OpusatFR
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To: buckalfa

Most care less about corporate law and corporate games that are played with big government. What is quite obvious is that the government plan is a scam and will only benefit big government while the worker, consumer and taxpayers will pay for it all having nothing to show for just this insane $2Trillion in spending. We are just living the Obunghole third term.


18 posted on 03/31/2021 5:34:34 AM PDT by shanover (...To disarm the people is the best and most effectual way to enslave them.-S.Adams)
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To: ClearCase_guy

“Corporations” are wealthy enough to be woke, tax them and boycott them.


19 posted on 03/31/2021 5:35:31 AM PDT by Vision (Elections are one day. Reject "Chicago" vote harvesting. Election Reform Now. Obama is an evildoer.)
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To: Alberta's Child

You are joking right?
Where do you think profits come from?


20 posted on 03/31/2021 5:35:48 AM PDT by RWGinger (Does anyone else really )
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