Corporate Tax

Yellen requires corporate tax will increase

With Daniel Lippman

Well, it was worth a try: Treasury Secretary Janet Yellen this morning threw the Biden administration’s move to raise corporate taxes into the lions’ den and presented the idea to attendees at a virtual US Chamber of Commerce event on economic recovery.

– “We are confident that the key investments and tax proposals” in President Joe Biden’s Infrastructure and Employment Plan will “increase the net profitability of our companies and their global competitiveness,” said Yellen during her keynote address. “We hope that business leaders see it that way and support the establishment plan.”

– The finance minister formulated the president’s proposed increase in corporate tax rates from 21 percent to 28 percent merely as a “fair share” business, while arguing that the shift is merely aimed at “bringing corporate tax into line with historical norms”. She added: “At the same time, we want to eliminate incentives that reward companies for relocating their operations abroad and shifting profits to low-tax countries.”

– She also used her time in front of the business lobby, which has vehemently opposed a democratic bill to revise the labor code to denounce an “erosion of workers’ bargaining power” and said a decline in union formation was partly due to stagnation in wages lower attributable workforce and a yawning income inequality gap. And Yellen encouraged executives to face competition from abroad while also promising to level the playing field for American companies. “Let others innovate and move forward,” she said. “Let’s try to go faster and further. Ultimately, we benefit from the positive spillover effects of innovation wherever it occurs. ”

Unsurprisingly, Chamber CEO Suzanne Clark calloused Yellen’s plea for business support for Biden’s proposed pay-fors. “It is always an honor to hear from the Treasury Secretary, also, and maybe especially, when we disagree, as we do with taxes,” said Clark after Yellen’s remarks, arguing that while the Chamber desperately wanted an infrastructure deal, ” The data and the evidence is clear that the proposed tax hikes would severely penalize US businesses and harm American workers, and now is certainly not the time to put new barriers to economic recovery. “

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IT’S NOT ONLY UKRAINE: POLITICO’s Betsy Woodruff Swan and Daniel Lippman report that “Justice Department investigators have asked questions about Rudy Giuliani’s work on Romania, according to two people familiar with the investigation into former President Donald Trump’s personal lawyer are “resulting in a raid on Giuiliani’s Manhattan home and office last month.

– Investigators are investigating “whether Giuliani violated the law in his work for foreign companies, including the Law on Registration of Foreign Agents. Giuliani has said that he “has never represented a foreigner” and says that his contracts specifically state that he will not lobby or represent any foreign company. “

– “If Rudy’s work in Romania served only to influence the government officials there and not aimed at the American public, then he would not have been obliged to disclose the work to the Justice Department under the Foreign Agents Registration Act.”

WILMERHALE RECEIVES FORMER TREASURY OFFICIAL: Jonathan Blum, who until this year served as Assistant Assistant Secretary for Legislative Affairs at the Treasury Department, joins WilmerHale’s Public Policy and Legislative Affairs group. At the Treasury Department, Blum worked on the Mammut CARES bill last spring, including the provisions that created the Fed’s emergency credit facilities and programs to keep the aviation industry afloat.

– Prior to joining WilmerHale, Blum was the economic policy advisor to Senator Todd Young (R-Ind.), A key sponsor of the Senate bipartisan bill aimed at making the US more competitive with China, and for which Blum is advocating Issues related to finance focused markets.

S-3 MARKET FOR A DECADE: The S-3 Group, the lobby and public affairs firm founded by former Podesta Group partner John Scofield and today’s Boeing manager Jeff Shockey, celebrated its 10th anniversary today . “Our first operating contract was honestly the back of a cocktail napkin in the Lucky Bar,” Scofield told PI in an interview. “And now we have … a full bipartisan team” made up of 25 people.

– Scofield added that he enjoyed seeing the industry shift from a “law firm model” to one that integrates digital and social media campaigns with political expertise, and quipped that luckily he was no longer bothered by it going to have bills or lobbying disclosures rejected for lack of compliance and is most proud of S-3’s reputation downtown and elsewhere.

STEFANIKS K STREET ORBIT: When Representative Elise Stefanik (RN.Y) rises to lead the House GOP, she does so “without a large network of lobbyists in Washington,” reports Megan Wilson of Bloomberg. “That will change thanks to her role as GOP conference leader.”

– “As much as lobbyists want to reach Stefanik, they in turn will probably ask for help. “She understands the value of people downtown who are on the same page as you, who chat with customers and other people from downtown, and amplify the message you convey to your co-workers,” said [Parker Hamilton] Poling, a partner at Harbinger Strategies who previously served as Executive Director of the National Republican Congressional Committee and Chief of Staff to then Deputy Chief Whip Patrick McHenry (RN.C.) ”

– “Stefanik’s former chief of staff, Lindley Kratovil Sherer, works for leading lobbying firm Invariant,” and her former assistant chief of staff, Julia Angelotti, is a lobbyist at Merchant McIntyre & Associates. “But when it comes to their diverse connections, proponents who know Stefanik say their committee duties – intelligence, education and labor, armed forces – have not made them a focus for lobbyists. They don’t have the same political reach and broad K Street appeal as bodies like the Energy and Trade Committees or Ways and Means. “

UBER, LYFT RIDES TO VACCINE THE WHITE HOUSE BINDINGS: “Last week when the White House announced an agreement with Uber and Lyft to offer free rides to vaccination sites, as part of President Joe Biden’s goal, 70% of Americans against the To vaccinate coronavirus until July 4th, the partnership was praised, but questions were also asked, “report Soo Rin Kim and Lucien Bruggeman from ABC News.

– “Among those who have historically accepted payments from Silicon Valley-based firms are” National Security Advisor Jake Sullivan, Deputy Chief of Staff Jen O’Malley Dillon, Press Secretary Jen Psaki and State Secretary of State Victoria Nuland “and Given ethics experts say these links are an agreement that needs careful scrutiny. ”

– “A White House official told ABC News” that the “partnerships were created solely through short phone calls between White House Vaccine Coordinator Andy Slavitt’s team and company CEOs, with no other members of the administration on their behalf they had worked, were involved ”. the companies or registered lobbyists working on behalf of the companies. “

On cue: “Matt Olsen, Uber Technologies Inc.’s chief trust and security officer and veteran of Washington’s national security circles, is expected to be nominated as head of the Department of Justice’s National Security Division,” the office that – among other things – oversees FARA enforcement reports Dylan Tokar of the Wall Street Journal.

– Erin Greten joined Baker Donelson as Of Counsel in the firm’s Disaster Recovery and Government Services team. Greten was most recently the Career Senior Executive Chief Counsel of the First Responder Network Authority and is a FEMA alum.

– Michele Pearce has joined Covington & Burling’s Public Policy Practice. She was previously General Counsel of the Department of the Army.

– Michael Long joins the S-3 Group as a director on their government affairs team, reports Playbook. Previously, he was Senior Advisor and Director of Member Services for Speaker Nancy Pelosi.

– Jason Dunn has returned to the litigation department of Brownstein Hyatt Farber Schreck in Denver as a shareholder. He was previously a US attorney for the District of Colorado.

Max Miller Victory (Max Miller for Congress, Save America, Dependable Conservative Leadership PAC)
NOEM VICTORY FUND (Gov. Kristi Noem (RS.D.), Lt. Gov. Larry Rhoden (RS.D.), Keeping Republican Ideas Strong Timely & Inventive, SD Strong Leadership PAC, South Dakota Republican Party)
Silver State Victory 2022 (Sen. Catherine Cortez Masto (D-Nev.), Rep. Susie Lee (D-Nev.))

American Digital Currency Blockchain PAC (PAC)
The Bull Elk Project (PAC)
Grand Opportunity America PAC (Super PAC)
Winner PAC (Super PAC)

Alston & Bird LLP: Coherus Biosciences, Inc.
Strategic Adviser to Aurora: Three Rivers Park District
Capitol Counsel, LLC: Hq Energy Services (US) Inc.
Invariant LLC: Aeroseal
Johnston Group, LLC: Rural Health Care in East Adams
Kadesh & Associates, LLC: City of Los Angeles
Kadesh & Associates, LLC: Contra Costa Community College District
Kadesh & Associates, LLC: Five Point Operating Company
Klein / Johnson Group: Digital Currency Group
Linchpin Strategies, LLC: Hippy International
Mehlman Castagnetti Rosen & Thomas, Inc .: Rock Central
Mr. Joe Miklosi: Dr. Reginald Boulos
Roberti Global (F / K / A Roberti White, LLC): Elec825 (engineer-employer-cooperative)
Roberti Global (F / K / A Roberti White, LLC): Phrma (Pharmaceutical Research and Manufacturers of America)
Sconset Strategies, LLC: South Florida Admiralty Trial Lawyers Association
Subject (Fka Elmendorf Ryan): Corning Incorporated
Tiber Creek Group: Primerica, Inc.
Tobenkin Group: Houston Parks Board of Directors

1607 Strategies, LLC: Navient

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