President Biden's proposed programs to tax, spend and regulate the economy, small business, our educational institutions, the health care system and other important parts of life here in America that the economists in the hip pocket of the progressive movement applaud.
New Proposed Corporate Tax Rate Would Negatively Impact Most Investors forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Biden wants to crack down on corporate tax loopholes, resuming a battle his predecessors lost David J. Lynch President Biden speaks in the East Room of the White House last week. (Andrew Harnik/AP) President Biden wants to stop U.S. companies from hiding their profits in offshore tax havens such as the Cayman Islands and Bermuda. He’ll hardly be the first Oval Office occupant to try. When President Barack Obama wanted to stop U.S. corporations from using a tax dodge he scorned as “unpatriotic,” the Treasury Department rewrote the rules governing cross-border deals known as inversions. Such maneuvers allowed U.S. multinational corporations to effectively transform themselves for tax purposes into foreign companies by merging with an overseas business. American icons such as Sara Lee had used the technique in recent years and dozens of other companies were said to be readying similar moves when the Treasury Department acted in September 2014. Biden
Corporations avoid tax bills despite reform efforts - The Washington Post washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.
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While President Joe Biden and his administration claim the 2017 Trump tax cuts need to be overhauled in part because the law incentivizes offshoring, proponents of the GOP tax cuts say there is no tangible evidence to support that assertion.
In Biden’s newly proposed Made in America tax plan, which aims to alter the corporate tax structure in order to pay for his $2 trillion infrastructure package, the administration asserts that the Tax Cuts and Jobs Act created new offshoring incentives. The president has also hinted that the tax bill moved jobs overseas while on the campaign trail.