The average effective tax rate, or the proportion of income paid after tax breaks, among profitable major firms dropped from 15.7 percent in 2014 to 8.9 percent in 2018, according to a new study (pdf) by the Government Accountability Office (GAO). Despite lower rates, tax contributions from large profitable companies increased from 2016 to 2018, due…
Trump Tax Cuts Reduced Corporate Effective Rates, but Boosted Revenue: GAO Report
The Attempt to Standardize Corporate Profits Taxes: Globalist Politics Versus Sound Economics
Commentary If you aren’t already cynical about politics, an examination of the politics underlying the tentative agreement of 130 national governments to harmonize their laws about how much to tax the profits of multinational enterprises (MNEs) provides plenty of reasons to be cynical. First is the hypocrisy that, at a time when the Biden administration…
Biden Considers 15 Percent Minimum Corporate Tax Rate to Pay for Infrastructure Bill
June 3, 2021
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American infrastructurecorporate tax rateDemocratseconomyExecutive BranchPoliticsSen. Shelley CapitoUS
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President Joe Biden has proposed a minimum corporate tax rate of 15 percent, and increased Internal Revenue Service (IRS) funding, as a way to pay for an infrastructure package that he is negotiating with Republicans, according to the White House. “The book minimum (15 percent) was in the president’s American Jobs plan proposal as a…
How Fiscal Policies Are Used to the Advantage of Politicians and Big Businesses: Convention of States Activist
Tax policies and government spending are used to encourage or discourage certain behaviors within society and can be considered instruments of social policy, said Wendy Damron, external relations manager at Citizens for Self Governance Charleston and the district captain for the South Carolina Convention of States Project. There are some favors and loopholes in the…
Biden Admin Wants Global Minimum Tax Rate on Companies: Treasury Secretary Yellen
April 5, 2021
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Businesscorporate tax rateEconomieseconomyExecutive BranchInternationalJanet YellenPolicyPoliticsUSUS NewsWorld
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Treasury Secretary Janet Yellen said the Biden administration is working with other like-minded world leaders to introduce a global minimum tax rate on companies. In a virtual speech delivered to the think tank Chicago Council on Global Affairs, Yellen deplored what she said has been a “race to the bottom” over the past 30 years, in…
Biden Administration Eyes Raising Corporate Tax Rate to Pay for Stimulus
WASHINGTON—The Biden administration has signaled that it could introduce gradual tax hikes to help pay for spending initiatives, drawing criticism from Republicans who worry that tax increases would hurt the economy. As part of his campaign promise, President Joe Biden proposed raising the federal corporate tax rate to 28 percent from the current 21 percent. And…
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