Add news
Нами Накагава — Kimi Wa Kirameki/Ты - Сияние! (feat. Ichigo Tanuki)
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021
12345678910111213141516
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
News Every Day |

Progressives Fume as Democrats Eye Smaller Corporate Tax Hike

Progressives Fume as Democrats Eye Smaller Corporate Tax Hike
Joe Manchin

Senate Democrats are reportedly considering lowering the corporate tax rate proposed in President Joe Biden’s infrastructure plan from 28% to 25% to mollify centrists in the caucus, a backtrack that would leave hundreds of billions of dollars in potential revenue on the table.

Citing sources close to negotiations over the nascent infrastructure package, Axios reported Sunday that “Democrats close to the White House expect Biden will accept 25% and pocket it as a political win.”

But progressives found little to celebrate in settling for a corporate tax rate 10% lower than it was during the Obama administration. In 2017, then-President Donald Trump and congressional Republicans lowered the rate from 35% to 21% as part of their massive and unpopular tax cut legislation.

“The top corporate tax rate before Trump was 35%. Saying ‘corporations must pay their fair share’ should mean that pre-Trump rates are the starting point,” said Ohio congressional candidate Nina Turner. “We also need to close the loopholes companies use to get away with paying $0 in federal income taxes.”

Earlier this month, Sen. Joe Manchin (D-W.Va.) — the most conservative Senate Democrat and a key swing vote — said in an appearance on a local radio show that he and “six or seven other” Democratic senators “feel very strongly” about moving to a 25% tax rate instead of 28%. Senate Democrats can’t afford to lose a single vote given their narrow control of the upper chamber, leaving individual senators with significant power to shape legislation.

According to Axios, “Democrats who’ve privately hinted they may be uncomfortable with going to 28% include Sens. Tim Kaine and Mark Warner of Virginia, Kyrsten Sinema of Arizona, and Jon Tester of Montana.”

Manchin, for his part, has offered little by way of concrete justification for his push for a smaller corporate tax hike. In 2012, the West Virginia Democrat supported an Obama proposal to lower the corporate tax rate from 35% to 28% — a rate Manchin now apparently believes is too high.

In response to Manchin’s new stance on the 28% rate, political commentator Mehdi Hasan mocked the notion that Manchin “has put some super serious thought into the difference between a 25% and 28% corporate tax rate and isn’t just trying to split the difference between GOP outlier position and reasonable Biden proposal.”

Haggling over the proposed corporate tax hike comes as Democrats are attempting to chart a path forward for Biden’s infrastructure package amid unified Republican opposition to the roughly $2.3 trillion plan. Last week, Manchin’s fellow West Virginia Sen. Shelley Moore Capito (R) suggested that keeping in place the current 21% corporate tax rate is a “non-negotiable red line” for the GOP in infrastructure negotiations — a position that one top Democrat rejected as absurd.

“Corporate revenue is down nearly 40% from the 21st century average since Republicans’ tax giveaway,” Sen. Ron Wyden (D-Ore.), chair of the Senate Finance Committee, said in a statement. “In 2018, the United States was dead last among OECD countries in how much corporate tax revenue it collected as a share of GDP.”

“Republicans’ insistence that the most profitable companies in the world shouldn’t contribute a single penny to investments in roads, schools, and our clean-energy future is simply not acceptable,” Wyden added.





Read also

North Carolina brothers awarded $75M in federal civil rights case

Ex-EastEnders star Melissa Suffield looks unrecognisable in dramatic filter snap as she slams ‘damaging’ apps

Olympique Marseille sees their offer for Flamengo ace rejected as battle with Barcelona could begin





News, articles, comments, with a minute-by-minute update, now on Today24.pro



Today24.pro — latest news 24/7. You can add your news instantly now — here
News Every Day

Announcing the New GN Mouse Pads (Red/Black & Blue/Black)