• partial_accumen
    link
    286 months ago

    after Trump’s tax reductions for the wealthy and corporations expire

    The Trump tax cuts for corporations NEVER expire:

    “The centerpiece of the law was a deep, permanent cut in the corporate tax rate — from 35 percent to 21 percent — and a shift toward a territorial tax system, which exempts certain foreign income of multinational corporations from tax. 20 percent deduction for pass-through income.” source

      • @[email protected]
        link
        fedilink
        106 months ago

        This is such a good example of the ratchet effect… Trump lowers tax from 35% to 21%, then Biden comes in and only brings it up to 28% solidifying that 21% as a minimum for big corps… Ratchet right, hold there until the next Republican lowers it more

        Corporations should pay the whole bill for a functioning society every quarter… The people should get to decide what a functioning society entails… I don’t care of it’s 1% or 99% of corporate profits, or if it changes every quarter… No exceptions for parking your company in another country, you want to sell your shit in the US, you pay the bill

        • @disguy_ovahea
          link
          56 months ago

          It’s 28%, with a 21% minimum. Most corporations deduct far lower. It will generate more revenue from corporations than Obama’s tax system according to the IRS.