Friday, 16 April, 2021

MSNBC’s O’Donnell: Republicans Forced Dems to ‘Abuse’ Reconciliation for Infrastructure

Pedestrians wearing face masks walk past a commercial advertisement billboard of the American multinational financial services corporation and credit card business American Express in Hong Kong Bezos endorses higher corporate taxes for infrastructure
Adrian Cunningham | 07 April, 2021, 07:24

Under Biden's plan, the tax rate for corporations would increase to 28%, up from 21%.

Rep. Tim Ryan (D-OH) said, "Yeah, here we go".

Bezos' statement, posted on the company's website, was notable because it came after Biden singled out the company for criticism about how much it pays in federal taxes when he recently unveiled his $2.3 trillion infrastructure proposal. It's important to note, however, that some details are still going to have to be worked out with the parliamentarian, and it was not immediately clear whether it could be used to pass President Joe Biden's infrastructure plan.

The package is expected to have wide-ranging effects on the American economy.

The company would benefit from the investments made in roads, bridges, airports and broadband.

Wyden joined Sens. Sherrod Brown (D-Ohio) and Mark Warner (D-Va.) in introducing the new proposal as U.S. Treasury Secretary Janet Yellen delivered a speech arguing for a global minimum tax, a separate but related effort to halt the decades-long worldwide "race to the bottom" on corporate taxation and finance a multi-trillion dollar infrastructure package.

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"A fireman, a teacher paying 22% - Amazon and 90 other major corporations paying zero in federal taxes?" For multinational firms, the Biden administration is seeking to put in place a 21% global minimum tax rate, a proposal that was endorsed by Treasury Secretary Janet Yellen on Monday.

After Biden's plan was proposed last week, the Business Roundtable, an organization that represents CEOs of major U.S. firms, issued a statement strongly opposing the tax increase as a way to pay for the infrastructure plan, saying it would create "new barriers to job creation and economic growth".

"Our plan is simple: Corporations should pay their fair share, just like OH families do, and they shouldn't get a tax break for shipping workers' jobs overseas".

"Republicans set the GILTI rate at just half of the USA corporate tax rate, creating a strong preference to earn income overseas", the three Democratic senators write in their proposal.

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