Corporate Tax

Senate Democrats put ahead plans for increased corporate taxes

WASHINGTON – Democrats in Congress began drafting a policy for harsh corporate tax hikes, arguing that Republicans had gone too far with their 2017 tax cuts.

Senator Ron Wyden (D., Ore.), Chairman of the Senate Finance Committee, said he and Sens. Sherrod Brown (D., Ohio) and Mark Warner (D., Va.) Will shortly publish a more detailed framework for how multinational corporations should be taxed.

Senator Bernie Sanders of Vermont, chairman of the Budget Committee, released a plan Thursday that would raise $ 1 trillion over a decade. Senator Elizabeth Warren (D., Mass.) Said she wrote laws to impose minimum taxes on profitable businesses. Versions of some of these ideas are expected to appear on the tax and spending agenda that President Biden will propose next week, and Congress stands ready to respond this year to help fund infrastructure spending.

Overall, the Democrats are planning significant reversals of the 2017 tax bill signed by then-President Donald Trump, but are not calling for a return to the previous status quo. They pay particular attention to the features of the law that are designed to encourage businesses to relocate outside of the United States

“There is a lot of clarity today in some of those areas where the Trump Act sold out workers and made us less competitive in the world,” said Wyden as he concluded a hearing.

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