Joe Biden Proposes Minimum 15 Percent Corporate Tax for Companies That Pay No Federal Taxes

[mystery-ak]

Joe Biden Proposes Minimum 15 Percent Corporate Tax for Companies That Pay No Federal Taxes

Charlie Spiering 3 Jun 2021

President Joe Biden proposed a major concession on paying for an infrastructure bill according to a new report on details of private negotiations between the White House and Senate Republicans.

The Washington Post reports that Biden would not raise the corporate tax rate from 21 percent to 28 percent and instead propose a minimum corporate tax of 15 percent — for companies like Amazon that pay little to nothing in federal taxes.

Republicans have refused to budge on any of Biden’s widespread tax hikes on corporations to pay for his infrastructure bill, but a bill more narrowly focused on global corporations who enjoy widespread tax advantages may appeal to some of the more populist Republicans in the Senate.

Corporations are likely to oppose the idea, and will lean heavily on their political influence operations in Congress to kill the proposal.

The White House said Biden and Senate Republicans would reconvene Friday, as the president spent Thursday celebrating First Lady Jill Biden’s 70th birthday.

Biden previously expressed outrage in March that 91 of the Fortune 500 companies paid little-to-no federal taxes during a speech in Pittsburgh about infrastructure.

“In 2019, an independent analysis found that are 91 — let me say it again, 91 Fortune 500 companies — the biggest companies in the world, including Amazon — they used various loopholes so they’d pay not a single solitary penny in federal income tax,” Biden said. “I don’t want to punish them, but that’s just wrong. That’s just wrong. A fireman and a teacher paying 22 percent? Amazon and 90 other major corporations are paying zero in federal taxes?”

https://www.breitbart.com/politics/2021/06/03/joe-biden-proposes-minimum-15-percent-corporate-tax-for-companies-that-pay-no-federal-taxes/

[LegalAmerican]

Here is how it works.  IF CORPORATIONS PAY NO TAXES IT IS BECAUSE THEY HAVE......ZERO PROFIT!

 CORPORATIONS HAVE INVESTORS  who at end of year, receive...SCHEDULE K...  This SCHEDULE K...IS THEIR SHARE OF THE EXPENSES AND PROFITS IN THE CORPORATION.  The investors pay for all the income.  (Corp. has zero, expenses and income.)

So, any profit and loss, expense is passed on to the investors, who PAY ALL THE TAXES, depending on how much they have invested.  You own 30 percent?  You own 10 percent?  That is your expense and income.

Some corporations, if all family owned,  give the PROFITS , as a salary to president.  He pays the taxes on his income tax form 1040.

So, biden wants to punish corporations just for existing and who have ZERO PROFIT.   Some people clap.  IGNORANT.

How about we tax, your "ZERO PROFIT" , 501's?   502', 503.  LIKE BLM.  Using 501's as a shelter for their income.  All claiming being a non-profit organization.  Like the BLM,  CEO..who bought 3 houses with the BLM donations?

[LegalAmerican]

This is the reason for corporations.  Business people should know this.  biden is just...so wrong, so wrong.

  It is punishment,  just for existing.  I didn't  read the whole article before I posted my first post.  HE SAYS NOT TO PUNISH, exactly that...lol  How about biden pays taxes, for his money from russia and china, under TAX EVASION?  The biggest tax evader besides Clinton. We got Al Capone on that.


Biden’s Tax Hypocrisy Uncovered As Reports Suggest That The Biden’s Avoided $500,000 In Taxes 5-17-21
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https://politicalwhistle.com/breaking-n ... -in-taxes/

Joe Biden’s hypocrisy shows that was a lie.

Biden asserted $13.5 million "gain "  from speeches and publication sales rather than asserting it as income.

Biden also avoided paying $500,000 in payroll taxes.  (FICA)

So, Schedule D...LIKE AN "INVESTMENT.' (it is less tax rate),  and it should be SALES INCOME.
 
Or he should have used  Schedule C...which is self employed and he has to pay S.E FORM, ON BOTH SIDES OF FICA TAX!  What is fica tax on $13.5 million?

Yup,  .0765%  or 15.3 % X  13.5 million.   Anyone?   (S.E. form, you pay both sides of FICA= 15.3%, ). 

[Hoodat]

Here is how it works.  IF CORPORATIONS PAY NO TAXES IT IS BECAUSE THEY HAVE......ZERO PROFIT!

But Biden thinks that somehow a tax rate of 15% (which is below the current rate) will somehow punish a company that is already paying $0 with a higher 21% tax rate.  Democrats have no concept of wealth creation, taxation, etc.

[Sled Dog]

So the Rodents are going to impose yet another tax on Americans hidden from the consumers.

They still fear the voters, they're most massive vote fraud operation in history is is something they're still not convinced will work every time it's tried, though it's worked every time it's been tried so far.   Have the Republicans successfully challenged an election theft since 2000?

[Sled Dog]

Here is how it works.  IF CORPORATIONS PAY NO TAXES IT IS BECAUSE THEY HAVE......ZERO PROFIT!

Corporations NEVER pay taxes.

Corporations and all business entities that are taxed are nothing more than first-tier tax collectors who gather the funds and pass them on to the government demanding the payment.

Taxes are expensed in basic accounting, and subtracted, as with all similar expenses like shipping, electricity and payroll, from the company's revenues, and the company's income is merely the difference betweenb the revenue and the sum of all expenses and other costs of doing business.

The expense of taxation is nothing special and it's burden is included in the sales price of goods and services.

But nice use of caps, there.   Now you know.