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
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
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.
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
You are correct. Only the tax cuts for the wealthy expire in 2025. I wrote that incorrectly.
Biden’s new corporate tax is 28%, with a 15% minimum after deduction, and a 21% minimum on billion dollar corporations.
https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share/
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
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.