“If you’re going to vote on taxes, the key question you should ask yourself is, ‘Do I think rich people pay too much or too little?’” said Michael Linden, a former Biden administration budget official and senior policy fellow at the Washington Center for Equitable Growth.
[excerpts]
The Tax Cuts and Jobs Act (TCJA) lowered rates for individuals of nearly all income levels, though it cut taxes most for the highest earners, and slashed the maximum corporate tax rate from 35 percent to 21 percent. The individual portions of that law expire in 2025, but Republicans who wrote the law made the business tax cuts permanent.
Now GOP lawmakers and some of Trump’s economic advisers are considering more corporate tax breaks — which could expand the national debt by roughly $1 trillion over the next decade.
Extending all of the Trump tax law would add $4.6 trillion to the national debt over the next decade, according to the Congressional Budget Office.
Biden and other global leaders have marched toward a unified corporate minimum tax rate of 15 percent to prevent businesses from shopping around the world for tax havens. A lower corporate rate, as some Republicans seek, would unwind that arrangement.
“There is a discussion about going to 15 [percent] and a discussion about just under 15 [percent], to make it clear to the globalists that we haven’t signed on to their stupid treaty or their agreement,” the anti-tax crusader Grover Norquist, a Trump ally, said.
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Republicans pitch tax cuts for corporations, the wealthy in 2025
Trump has asked wealthy donors for donations, promising large tax breaks in return if he retakes the White House.[excerpts]
The Tax Cuts and Jobs Act (TCJA) lowered rates for individuals of nearly all income levels, though it cut taxes most for the highest earners, and slashed the maximum corporate tax rate from 35 percent to 21 percent. The individual portions of that law expire in 2025, but Republicans who wrote the law made the business tax cuts permanent.
Now GOP lawmakers and some of Trump’s economic advisers are considering more corporate tax breaks — which could expand the national debt by roughly $1 trillion over the next decade.
Extending all of the Trump tax law would add $4.6 trillion to the national debt over the next decade, according to the Congressional Budget Office.
Biden and other global leaders have marched toward a unified corporate minimum tax rate of 15 percent to prevent businesses from shopping around the world for tax havens. A lower corporate rate, as some Republicans seek, would unwind that arrangement.
“There is a discussion about going to 15 [percent] and a discussion about just under 15 [percent], to make it clear to the globalists that we haven’t signed on to their stupid treaty or their agreement,” the anti-tax crusader Grover Norquist, a Trump ally, said.
more here
