Thursday, 17 June, 2021


U.S. Senate Democrats take aim at Trump 2017 worldwide tax reforms

Sen. Joe Manchin is seen during a Senate vote in the Capitol on Thursday US corporate tax rate hike to 28% dies before it even gets a look
Kristine Garrett | 06 April, 2021, 19:40

Republican-elected officials on Sunday said they could support a light version of Democrat Joe Biden's infrastructure investment plan, arguing that the US president could thus achieve an "easy victory" backed by both parties.

Critics have said the infrastructure proposal will burden American families, especially while they are recovering from coronavirus lockdown orders. Sens. Sherrod Brown, D-Ohio, and Mark Warner, D-Va., both signed on as co-authors.

Republican Senator Roger Wicker of MS joined others in his party in trying to cast Biden's plan as a tax hike rather than an effort to fix and rebuild the country's transportation, communications, water and electrical networks.

Progressives were quick to slam Manchin's opposition to the proposed 28% corporate tax rate as disingenuous, given his previous support for a 28% rate.

But the proposal announced this week faces major obstacles in Congress amid criticism from the Republican Party and business lobbies that They oppose the rise in corporate taxes with which the plan is meant to finance.

"Competitiveness is about more than how US -headquartered companies fare against other companies in global merger and acquisition bids", Yellen said.

The think-tank study concluded that "the economy would be better off if the $2 trillion in taxes that President Biden wants to finance his package were left in the hands of the private sector".

Speaking to reporters in Washington after spending Easter weekend at the Camp David presidential retreat in Maryland, Biden again took aim at the 50 or 51 corporations on the Fortune 500 list that paid no taxes at all for three years, saying it was time for them to pay their share. "Come on, man. Let's get real".

The Senate drafters do not specify the exact new tax rates associated with their plan or how much additional tax revenue it would raise, choosing instead to wait and set rates to match Democrats' spending ambitions later this year.

"Combined with the other tax proposals, it would pay for the totality of the package".

The Virginia Democrat said Monday he has already expressed some concerns with the Biden infrastructure plan.

Wyden said he believes that such a global minimum corporate tax envisioned under the Biden plan can work alongside the reforms proposed by the Democratic senators, as long as Treasury Secretary Janet Yellen can get a "good multinational deal struck at the OECD".

Most Americans now support the Democratic president's plan, said Granholm, one of several senior Biden administration officials who promoted the proposal on television news shows on Sunday.

Warner argued that the proposal would provide an incentive to invest in the United States, saying "we need an global tax system that rewards companies making investments here in the USA, particularly in cutting-edge technologies that will dictate the future success of our economy and ability to create good-paying jobs".

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