The Dems' 15% corporate minimum tax would hit manufacturers the hardest.
It would inhibit manufacturers from making capital investments as it prevents depreciation write downs, incentiving more off shoring.
And again, it's really the consumer that pays it in the end.
They hate you and me.
Link: https://www.wsj.com/articles/democrats-corporate-tax-plan-threatens-higher-bills-for-manufacturers-11659173401
Replies to: The Dems' 15% corporate minimum tax would hit manufacturers the hardest.
Corps benefit from substantial government investments in such things as infrastructure and legal
protections...there should be no "Free Riding"...yet, as the linked article shows, many corps do not pay their fair share...in fact Exxon and Chevron already get billions in subsidies each year.
Oh, and as for moving off shore, that issue has been addressed with 136 countries having signed onto a "15% Minimum Corporate Tax Rate"....
Link: https://www.americanprogress.org/article/these-19-fortune-100-companies-paid-next-to-nothing-or-nothing-at-all-in-taxes-in-2021/
Which will be passed on in higher consumer prices...on top of the smothering inflation.
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I bet you were one that touted the TCJA. You don't know what you're talking about.
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I cited WSJ reporting. Do you have an issue with them? BTW, if TCJA was so bad,
why have Dems done nada, zero, zilch, nothing, about reversing the SALT reduction?
The TCJA benefited corporations. 💯
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But the US Government has taken in more tax revenues than expected from the Sec. 965 repatriation.
I'll never understand why the Dems want to demonize any individuals or businesses that are successful. They all do what the tax code allows them to do. Nobody, regardless of ideology is going to give our government more tax money than they have to. I think we can all agree that the government isn't the best at managing money especially the outflow. Knowing this, I think money is better in the pockets of Americans as opposed to handing it over to the government.
Also, getting back to corporations, you do realize that prior to reducing our corporate tax rate from 35% down to 21%, we had one of the the highest corporate tax rates in the world. We had to reduce the rate to stay competitive with everyone else. The high tax rate is why so many US companies have shifted operations to Ireland among other places. What I didn't like was that many companies used the tax savings to buy back their stock in the early going of the rate reduction. There should have been something in the tax law to prevent this. Otherwise, the intent was to invest the tax savings here in the US and keep companies from going abroad. Might not change much with established companies, but with a competitive tax rate, maybe one day the next Apple or whoever won't have an incentive to go abroad and will keep jobs in the US.