WASHINGTON—Owners of closely held businesses would still get a 20% tax deduction under President Biden’s tax plan, leaving high-income people who run construction companies and manufacturing firms benefiting—for now—from a provision that Republicans created in 2017 over Democratic opposition.
Although Mr. Biden campaigned on limiting the break, the deduction went untouched in the first $2.4 trillion worth of net tax increases that were detailed by the Biden administration on Friday.
SUCKAS!
Biden loves those evil tax cuts for the rich!
A 20% tax break for high-income owners of closely held businesses was on President Biden’s chopping block during the campaign, but the deduction went untouched in his budget.
www.wsj.com
Closely held businesses are not the Apples and Amazons of the world. There are some large private companies but for the most part, corporations would be paying their fair share under PRESIDENT Biden.
Thread fail.
TRUMP TAX CUTS FOR THE RICH ARE ENDORSED BY BIDEN!
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He's making corporations pay their fair share.
Except that they won’t , they’ll just go back to expatriating their profits like they were doing before the last corporate tax cut.
However Biden has proposed a “minimum Global Corporate Tax Rate”, which is a VERY steep hill to climb since it would require all major economies to come on board but still it’s a worthy idea that should be explored.
BTW “fair share” is a really BAD phrase since it’s completely subjective and thus has ABSOLUTELY no meaning, it’s just an empty slogan that signals that the person using it doesn’t understand what they’re talking about.
All they did with the tax cuts was stockpile the cash and give their already mega-rich executives bonuses.
Why do you think the stock market did so well? Really. What do you think wealthy people do with more income? They invest it...and the market rises. As you guys happily say whenever a democrat is in office...."the stock market isn't he economy". You're right about that--it's not the economy when Republicans are in the Oval either LOL.
You missed the point entirely which was, raising corporate taxes while doing NOTHING about profit expatriation WON’T CHANGE THAT. All it will do is cause corporations to move profits off shore, resulting in investment flowing overseas and thus INCREASING FOREIGN INVESTMENT MARKETS WHILE HURTING DOMESTIC ONES, is that what you want?
The leader of your own party understands this which is why he’s at least proposed doing something about it, how come you don’t?
Not all of the money can or will be moved...but you're right a lot of it will be. There won't be foreign investment that was going to come here...otherwise it would have already came here.
The Tax cuts you and I and our kids are paying for simply went into the pockets of the corporate executives. It didn't go into any massive production facilities.
I’m not talking about “foreign investment coming here”, although that will be impacted negatively too, I’m talking about domestically generated cash moving into foreign markets instead of being left in American ones. Why do you think Ireland is so resistant to upping their corporate tax rate? It’s because their low corporte rates (12.5%) attracts investment in their domestic economy, which is exactly why Biden wants to impose a GLOBAL MINIMUM, he’s acutely aware of the fact that raising rates here will result in investment outflows and thus negatively impact corporate tax revenues over time.
It’s not like just turning on a switch and magically your tax revenues increase without a host of negative consequences ensuing, adjusting corporate tax rates ISN’T a silver bullet, you should have learned that after the “Trump Tax Cuts” unilaterally lowered them without taking into consideration all the potential negative consequences.
