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    Rep. Paul Ryan and Vice President Joe Biden at their vice presidential debate in 2012. David Goldman/AP Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of news that matters.In 2011, Ayn Rand acolyte, amateur weightlifter, and then House Budget Committee Chair Paul Ryan proposed cutting the corporate...
    President Joe Biden may have pushed some of the world’s largest economies to raise taxes on big business, but the US Congress will find it very difficult to agree. White House Press Secretary Jen Zhaki on Friday said the leaders of the seven groups – including the UK, France, Canada, Germany, Italy and Japan – agree with Joe Biden to...
    (CNN)The US tax system is rigged, and it is breaking the country in more ways than one. Much of the Republican Party lives and breathes to protect the rich and powerful from paying taxes, and Democrats like Sen. Joe Manchin of West Virginia too often side with them. Meanwhile, public opinion -- strongly supporting higher taxes on wealthy Americans and...
    An activist calls for an increase of federal taxes on the wealthy and big corporations.Bob Levey | Getty Images Entertainment | Getty Images If the Biden administration gets its way, wealthy households are going to face higher tax rates. Many millionaires appear to be OK with that. More than half — 60% — of individuals worth $1 million or more...
    Over the weekend, largely at the urging of Janet Yellen, the Treasury secretary, finance ministers from the Group of 7 — the major advanced economies — agreed to set a minimum 15% tax rate on the profits of foreign subsidiaries of multinational corporations. You may wonder what that’s about, or why you should care. So let me tell you about...
    (CNN)Here's a good one. Jeff Bezos, Michael Bloomberg, Warren Buffett and Elon Musk all walk into the IRS. But none of them, in various years, seem to have paid federal income taxes.Or how about this one: The rich get richer ... because they don't always pay their fair share into the community chest.This is US tax law. And now we...
    WASHINGTON - Momentum is clearly growing within the United States and the world’s other major economies behind plans to make it more difficult for large international businesses to avoid paying taxes in countries where they are located. But experts warn there is still plenty to be done to achieve that elusive goal.    Over the weekend, the finance ministers of...
    Britain's Chancellor of the Exchequer Rishi Sunak (center), U.S. Treasury Secretary Janet Yellen (right) attend the first day of the G-7 Finance Ministers Meeting at Lancaster House in London on June 4, 2021.Stefam Rousseau | AFP | Getty Images Finance ministers from the Group of Seven (G-7) advanced nations agreed on Saturday to back a minimum global corporate tax rate...
    More On: corporate taxes Amazon wins EU court fight over $300 million tax bill Andrew Cuomo’s pathetic SALT obsession Gov. Cuomo signs tax hikes, calls on feds to lift cap on SALT deductions Don’t raise corporate taxes and other commentary Finance leaders from the world’s richest countries agreed on a plan that would require giant tech companies to pay...
    President Joe Biden offered to lower his proposed corporate tax rate during discussions with Republicans in an effort to solidify a bipartisan infrastructure plan, Reuters reported. Biden has pushed to raise corporate taxes to 28%  in an effort to pay for the infrastructure proposal. The tax raise has been a non-starter for Republicans and Biden changing this plan would be...
    President Joe Biden proposed a major concession on paying for an infrastructure bill according to a new report on details of private negotiations between the White House and Senate Republicans. The Washington Post reports that Biden would not raise the corporate tax rate from 21 percent to 28 percent and instead propose a minimum corporate tax of 15 percent —...
    The logos of Google, Apple, Facebook, Amazon and Microsoft displayed on a mobile phone and a laptop screen.Justin Tallis | AFP via Getty Images Recent weeks have seen corporate leaders and investors mobilize publicly and privately to oppose President Biden's proposed overhaul to the tax code. Many corporate leaders are working hard to paint the suggested changes as "bad for...
    JPMorgan Chase CEO Jamie Dimon criticized President Joe Biden’s proposed tax code changes and warned they would make the United States less competitive. Dimon, who testified before the House Financial Services Committee on Thursday, was asked about Biden’s proposals, which feature alterations to the corporate tax structure. The administration is seeking to increase the corporate tax rate from...
    President Joe Biden and Mayor of New Orleans LaToya Cantrell tour the Carrollton water treatment plant, May 6, 2021, in New Orleans, Louisiana. With House Republicans busy purging people and fighting the Jan. 6 truth commission, it's up to Senate Republicans to try to demonstrate there's some rationale for their GOP colleagues to be participating in this thing called government. It's...
    Secretary of the Treasury Janet Yellen speaks during a daily news briefing at the James Brady Press Briefing Room of the White House May 7, in Washington, DC.Alex Wong | Getty Images Treasury Secretary Janet Yellen called Tuesday for business leaders to pay higher taxes to support government stimulus spending, while backing stronger labor unions and lowering barriers to foreign...
    Some of the largest companies in the country are pushing back on the proposed corporate tax hikes included in President Joe Biden's infrastructure and jobs plan. The stance, while not an outright rejection of the spending outlined in Biden's proposal, mirrors that taken by House and Senate GOP leaders Kevin McCarthy and Mitch McConnell at the White House on Wednesday....
    On Friday’s “PBS NewsHour,” New York Times columnist David Brooks stated that while raising the corporate income tax will probably result in companies leaving for places will lower corporate tax rates, “But it seems to me the Biden administration has chosen the appropriate areas to raise taxes.” Brooks said taxing the wealthy is “pretty popular. And it’s also just a fact that...
    Garion Frankel, The Western Journal May 7, 2021 0 Comments Back when he was just the then-presidential candidate Barack Obama’s running mate, President Joe Biden told ABC’s “Good Morning America” that the plan was “to take money and put it back in the pocket of middle-class people.” Declaring that wealthier Americans would have to pay more in taxes, Biden...
    (CNN)The April jobs report, released Friday and with slower-than-expected employment-growth gains, reminds us that America's jobs future still hangs in the balance. President Joe Biden's American Jobs Plan, a first step to address this issue, calls for building infrastructure to modernize the economy -- paid for with higher taxes on companies and the rich. Yet, Republican Senate Minority Leader Mitch...
    President Joe Biden’s plan to make corporations pay their "fair share" of taxes would reverse recent improvements in the U.S. tax code that made America more internationally competitive as a location for jobs and investment opportunities.  The proposals to both increase the federal corporate tax rate to 28% and increase the taxation of the foreign profits of U.S. multinationals may...
    Janet YellenScott Mlyn | CNBC The U.S. is taking a two-pronged approach toward its goal of implementing a worldwide minimum tax for corporations as it progresses through negotiations with a global consortium, Treasury Secretary Janet Yellen said Tuesday. Getting countries around the world to implement a bottom level tax that all companies pay has been a goal the White House...
    Treasury Secretary Janet YellenJanet Louise YellenSunday shows preview: Biden hits the road to promote infrastructure proposals; US begins withdrawal from Afghanistan Inflationary pressures and inflation are not the same Pandemic casts shadow over Biden's first address to Congress MORE argued in an interview published Sunday that those who question whether any hikes to the corporate tax rate or tax rates paid...
    President Joe Biden's ambitious spending plans would significantly increase what the federal government lays out for childcare and education and spend trillions more on infrastructure. It also comes with the biggest tax increases in decades. How big? A study by the liberal Institute of Taxation and Public Policy predicts Mr. Biden's plan would increase by more than $100,000 a year what someone...
    President Joe Biden's ambitious spending plans would significantly increase what the federal government lays out for childcare and education and spend trillions more on infrastructure. It also comes with the biggest tax increases in decades. How big? A study by the liberal Institute of Taxation and Public Policy predicts Mr. Biden's plan would increase by more than $100,000 a year what someone...
    The Louisiana House endorsed a pair of bills Monday that would cut tax rates for some corporations while eliminating a major corporate tax break for paying federal income taxes. The tax swap is part of a broader effort to simplify and streamline the state’s tax structure and would decouple state tax policy from the federal government’s, though some lawmakers...
    In this article NKE FDX AMZN Sen. Elizabeth Warren, D-Mass., conducts a news conference in the Capitol to introduce the Ultra-Millionaire Tax Act which would tax high net worth households on Monday, March 1, 2021.Tom Williams | CQ-Roll Call, Inc. | Getty ImagesSen. Elizabeth Warren took aim at FedEx, Nike and Amazon as she championed the need to raise...
    Senate Republicans revealed their counter offer to President Joe Biden's infrastructure package on Thursday, presenting a $568 billion plan that focuses on roads, transit systems, and broadband internet. The GOP's two-page proposal has smaller price tag and a narrower definition of infrastructure than Biden's $2.3 trillion plan.  'This is the largest infrastructure investment that Republicans have come forward with,' Republican...
    GOP Sen. Shelley Moore Capito of West Virginia said raising corporate taxes to fund Biden's American Jobs Plan was a "red line." The more one thinks about the position Republican lawmakers are taking on President Joe Biden's American Jobs Plan, the more preposterous it seems. In essence, they are eager to kill an infrastructure proposal that will create millions of...
    Senate Republicans have seized on opposing one of the most popular elements of President Joe Biden's American Jobs Plan as a political winner for them—raising the corporate tax rate. “I think that’s a non-negotiable red line,” Republican Sen. Shelley Moore Capito of West Virginia told reporters Thursday. “For me personally, that’s a non-starter.”  Republicans have convinced themselves that shielding corporations from helping...
    A day after two major tax bills got out of committee with relative ease, day three of the Louisiana Legislature’s fiscal session demonstrated how complicated and politically difficult lawmakers’ promised tax overhaul may get. Lawmakers have said they want to eliminate or reduce the cost of the state’s many tax breaks while lowering tax rates. They said they want...
    F. Peter Brown, The Western Journal April 13, 2021 0 Comments President Joe Biden has recently been defending higher U.S. corporate income taxes. President Trump lowered the corporate tax rate from 35 percent to 21 percent during his term in office. Now Biden seeks to raise it to 28 percent. Republicans contend that much of Biden’s infrastructure plan does...
    (CNN)America's corporate sector owes the rest of the economy big time. And the Biden administration is taking first steps to redress this through long-overdue tax reforms that will help pay for the modernization of infrastructure that businesses -- and all of us -- need to thrive. Jeffrey Sachs At the core of President Joe Biden's proposals is an effort...
    Senate Republicans, with an assist from Democrat Joe Manchin, are doing their level best to insist that it would destroy the economy to repeal the 2017 Trump tax scam, and that spending now on keeping all of the systems for the whole goddamned nation from crumbling in to the ground in the next decade is dangerously radical and expensive. On...
    More On: fast takes New York’s lockdown self-harm and other commentary Union backed Biden, lost jobs and other commentary New York City’s in trouble and other commentary Abandoning our Iran hostages and other commentary Economist: Don’t Raise Corporate Taxes Even if President Biden wanted to raise revenue to address America’s “mountain of debt” (rather than for his dubious $2.3...
    In this article FDX NKE A FedEx employee loads up deliveries in San Francisco.Getty ImagesA progressive group pushing Congress to raise the corporate tax rate is launching an ad campaign targeting FedEx and Nike, two large American companies with light federal tax bills. Tax March, which held dozens of demonstrations in 2017 calling on former President Donald Trump to...
    " Tax reform" means different things to different people, but a lot of people across the political spectrum seem to think Louisiana needs it. As usual during odd-numbered years, the regular legislative session that starts Monday is focused on taxes and spending, though lawmakers can propose up to five nonfiscal bills each. Gov. John Bel Edwards, who saw...
    New York (CNN Business)A year ago, Joe Biden, then the presumptive Democratic nominee for president, was picking a fight with Amazon over how little it paid Uncle Sam. Now Biden is president, and Amazon CEO Jeff Bezos is on a lonely island supporting the White House's plan -- to raise corporate taxes.Hardly any other company leaders have come out in...
    REUTERS/Brendan McDermidWriting the “Morning Note” for Thursday’s New York Times, columnist Dave Leonhardt highlights a staggering and (to me at least) somewhat surprising explanation for the enormous and growing income and wealth inequality in the United States. And it’s not cuts in the top rate of the individual income tax (although I’m sure those cuts are also a factor). It’s...
    A child looks back at a banner for Roblox, displayed to celebrate the company's IPO, on the front facade of the New York Stock Exchange (NYSE) in New York, March 10, 2021.Brendan McDermid | Reuters New York's top business leaders are gearing up for a potential mass exodus as Gov. Andrew Cuomo and state lawmakers prepare to raise their taxes....
    The set of Fox & Friends seems to have confused feelings about tax loopholes, evidenced by a segment that defended corporations’ use of tax attorneys, seconds before blaming President Joe Biden for doing the same. The segment neatly illustrates why the confused messaging that Republicans need to sort out and why the White House believes that this plan will be...
                      by Thomas Catenacci  Amazon endorsed President Joe Biden’s proposed higher corporate tax rate despite its history of routinely avoiding most or all of its federal tax obligations. The massive online retailer supports President Joe Biden’s plan to pay for the $2 trillion infrastructure plan he unveiled last week, Amazon CEO Jeff Bezos...
    (CNN)Jeff Bezos has garnered headlines again for his comments on Amazon's taxes. This time it comes with a twist. Bezos is not defending Amazon against charges leveled by the likes of Sen. Elizabeth Warren over Amazon's less-than-zero federal taxes in 2018. (In 2019, the company paid slightly more than 1% of its profits in taxes.) Edward J. McCafferyRather, the...
    Reuters April 7, 2021 0 Comments -U.S. Treasury Secretary Janet Yellen on Wednesday fleshed out the details of a corporate tax hike plan linked to President Joe Biden’s infrastructure investment proposal, aiming to raise $2.5 trillion in new revenues over 15 years by deterring tax avoidance. Yellen’s plan relies on negotiating a 21% global minimum corporate tax rate with...
    (CNN)The US is entering a weird place where even some big money execs -- the kinds of people who usually build businesses by doing everything they can to avoid paying federal taxes -- agree the government needs to raise funds to keep things rolling.Now, like a family with a calculator at the kitchen table going over its bills, American policymakers...
    President Joe Biden drew a red line on his $2.3 trillion infrastructure plan Wednesday, saying he is open to compromise on how to pay for the package but inaction is unacceptable. The president turned fiery in an afternoon speech, saying that the United States is failing to build, invest and research for the future and adding that failure to do...
    WASHINGTON -- The Biden administration is drilling down on the argument that higher corporate tax rates would ultimately help an ailing economy, saying the resulting infrastructure investments would boost growth.Treasury Secretary Janet Yellen said Wednesday it was "self-defeating" for then-President Donald Trump to assume that cutting the corporate tax rate to 21% from 35% in 2017 would make the economy...
    More On: corporate taxes Jeff Bezos says Amazon supports Biden’s proposed corporate tax hike Yellen calls for minimum global corporate income tax How taxes turned margarine pink, made ships sink, and more strange results Dozens of American corporations paid no federal income taxes last year: report Treasury Secretary Janet Yellen on Wednesday unveiled a plan to hike corporate taxes...
    WASHINGTON -- Amazon founder and CEO Jeff Bezos endorsed President Joe Biden's focus on building up the country's infrastructure Tuesday and said the company even supports a corporate tax rate hike to help pay for it.Bezos' statement, posted on the company's website, was notable because it came after Biden singled out the company for criticism about how much it pays...
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