Oregon Sen. Ron Wyden remains eager to hike taxes on big businesses. | Tom Williams-Pool/Getty ImagesDemocratic leaders are coming under growing pressure to dial back their bid to hike taxes on corporations’ overseas profits — a key component of their plans to finance their coming reconciliation spending package.
While House Democrats are willing to consider softening their tax-hike plans, Senate Finance Committee Chair Ron Wyden and the Treasury Department are more“There’s going to be a lot of political discussions surrounding just how high folks are willing to go on the minimum rate,” said one source, speaking on condition of anonymity.
Democrats could end up raising more money by toughening GILTI, along with two related provisions known as BEAT and FDII, than they do through their plan to increase the corporate tax rate. While the OECD plan would impose a 15 percent minimum tax, the administration wants to increase the American version of that levy to 21 percent — a 40 percent difference.
Policymakers hope other countries will begin putting their taxes in place by 2023, though some experts say that’s unlikely. But if Democrats pare back their tax-hike plans to look more like what the OECD is considering, that wouldn’t raise nearly as much money, potentially blowing a hole in their spending plans.
They better do it and raise the corporate taxes here in the US! Oh that’s right, corps don’t pay any taxes of late! What a sham!!
The U.S. gross domestic product (GDP) is in the trillions, highest in the world. Foreign countries rely on American trade and goods. I don’t see how they would be bothered getting taxed a little. It’s what America do😀
I want to ask to 'so-called' progressive that if you hate company, why you use twitter, iphone, starbucks coffee made by company. Do you think is this something wrong?
'Could be' Politico Translation: wont
Not True
We’ll just keep upping taxes for low-income/middle class individuals/families, ya know, give these massive, million/billion dollar companies a break, they work so hard to provide livable wages, healthcare, and environmentally sound products 🙄
Totally thought this was Liam Neeson at first glance.
Bet the side that doesnt want to tax corporations overseas wins!