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110%er [9664]
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Biden plans to increase corporate tax from 21% to 28%
Mar 16, 2021, 10:21 AM
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What was it before Trump lowered it to 21%? I keep finding 38% on The Google - is that correct?
I know in 2015, my company toyed with the idea of moving our headquarters out of the country to save on taxes...
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Oculus Spirit [83116]
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35***
Mar 16, 2021, 10:22 AM
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All-In [46825]
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And go where? Most 1st world countries have higher
Mar 16, 2021, 10:22 AM
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corporate taxes than we do as well as additional regulations than what the US has.
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110%er [9664]
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The US was higher before Trump lowered it to 21% - our
Mar 16, 2021, 10:27 AM
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friend says it was lowered from 35%. I see an article that says the Worldwide average (in 2016) was 22%.
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All-In [48078]
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All-In [26503]
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Letterman [257]
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That’s not necessarily true. At 21% currently we
Mar 16, 2021, 10:37 AM
[ in reply to And go where? Most 1st world countries have higher ] |
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are on the lower end, but at 28% we would be middle to high. Just a few examples:
France- 26.5%
Austria, Belgium, Netherlands, Spain- 25%
South Korea- 24.2%
Norway- 23%
Denmark- 22-25%
Portugal- 21%
Sweden- 20.6%
Finland- 20%
UK- 19%
Switzerland- 17.92%
Singapore- 17%
Ireland- 12.5%
While some 1st world countries have higher corporate taxes than 28%, there are plenty that don’t.
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All-TigerNet [10887]
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CU Medallion [60043]
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he forgets about when the rate was lowered
Mar 16, 2021, 10:54 AM
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and ATT, Verizon, GE and a slew of other companies gave all their employees raises and extra benefits.
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110%er [9664]
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Yeah - we definitely saw an increase in our bonus $$***
Mar 16, 2021, 10:56 AM
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Legend [15749]
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In 2015 (which is what he was referring to) the USA had an
Mar 16, 2021, 10:45 AM
[ in reply to And go where? Most 1st world countries have higher ] |
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exceptionally high Corporate Tax Rate.
(Tried to add a link but it blanked one of the words - search KPMG 2015 Global Tax Rate Survey for a good reference)
To your point, any company seeking to avoid USA Corporate Tax would have to take into account numerous other factors, regulations and tax structures, but it would be false to say that most 1st world countries had higher corporate tax rates than the USA in 2015.
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110%er [9664]
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The corporate tax will remove money from the pockets of some
Mar 16, 2021, 10:33 AM
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people who make < $400K.
After Trump lowered the corporate tax from 35% to 21% - our bonuses (such as they are) at my company were higher the last 3 years.
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All-TigerNet [11630]
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Ding, ding, ding. Winner.
Mar 16, 2021, 10:44 AM
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Owners, Executives, etc. are going to get paid.
When you rob the 'rich' you're only hurting the 'poor.'
This is especially true in small businesses. When the cost of doing business goes up, the money left over for raises and bonuses dries up. This impacts the workers the most.
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110%er [9664]
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Yeah - I hear people saying we shouldn't care about the tax
Mar 16, 2021, 10:49 AM
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increases because it doesn't affect us as individuals (which is a bit short-sighted in itself).
Anyway - as you said - I was pointing out a simple instance where it absolutely does affect us poor people as well.
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All-TigerNet [11630]
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The tax proposal would raise taxes on everyone.
Mar 16, 2021, 10:56 AM
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The media and current administration are saying repealing the Trump era cuts are not an increase. They are just putting them back even though everyone will see an increase in their withholdings.
Then the new increases are just on the "rich," so only those count.
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110%er [9664]
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I tried to read up on that - Yellen said in Congress
Mar 16, 2021, 11:00 AM
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that Biden was only repealing the tax cuts on corporations and higher earners. (This would have been late January.) Has that changed?
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All-In [49171]
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all of them expire in 2025, except the corp tax rate.
Mar 16, 2021, 11:22 AM
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they could just sit on their hands and wait, and claim they didn't raise taxes.
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All-In [40929]
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All-In [31891]
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Last rate was 35%...
Mar 16, 2021, 10:40 AM
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and "Trump" didn't lower it...Congressional Republicans did, in spite of Trump's best efforts (unintentional I suspect) to kill it.
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110%er [9664]
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I haven't researched it - I do know Trump had that as part
Mar 16, 2021, 10:45 AM
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of his plan when he ran in 2015.
I guess you're saying he bungled the plan - but the Pubs got it taken care of anyway?
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All-In [31891]
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He did run on lowering tax. He said he would cut the...
Mar 16, 2021, 10:51 AM
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corporate rate to no higher than 15% actually.
What I'm saying is that he provided 0 effective leadership on the issue once taking office. Paul Ryan pushed it through the House having to battle Trump making stupid and undisciplined statements all along the way.
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All-TigerNet [10887]
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Corporate taxes should be abolished, as it is double taxing.
Mar 16, 2021, 10:44 AM
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And the megacorps use their bought and paid for politicians to give them exemptions anyway. This only hurts the upstarts.
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All-In [31891]
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I wouldn't mind seeing corporate taxes lowered...
Mar 16, 2021, 10:56 AM
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or eliminated, but the tax increases hurt just about all companies. It is a myth, easily disproven by IRS tax stats, that all megacorps get "exemptions" and don't pay taxes. A raising of the corp tax rates does not just impact "upstarts".
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All-In [40929]
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They certainly pay Fed, SS, Medicare taxes
Mar 16, 2021, 11:01 AM
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they "match" the amount "taken out of your check"
If you work for yourself you get to match yourself!
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All-In [31891]
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That's true of course, but even if just talking about...
Mar 16, 2021, 11:07 AM
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federal income tax, he is wrong.
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Heisman Winner [111570]
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Re: Biden plans to increase corporate tax from 21% to 28%
Mar 16, 2021, 11:06 AM
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Wont matter, dropping it from 28 to 21 only decreased revenue by 3 percent, so corporations weren't paying much anyway, well at least not the big ones.
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110%er [9664]
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The drop in 2017 definitely mattered at my company
Mar 16, 2021, 11:10 AM
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they trickled down the savings to the employees in the form of larger bonuses (or is it - bonusi ?)
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All-In [31891]
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Well that isn't correct...I think you have your stats....
Mar 16, 2021, 11:28 AM
[ in reply to Re: Biden plans to increase corporate tax from 21% to 28% ] |
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wrong.
2017 Federal Revenue $3.3T total
Corp Income Tax: $298B (9% of total)
Inv Income Tax: $1.59T (48% of total)
Payroll Tax: $1.16T (35% of total)
Avg Annual Unemployment Rate: 4.1%
2018 Federal Revenue $3.3T Total
Corp Income Tax: $205B (6.2% of total)
Inv Income Tax: $1.68T (51% of total)
Payroll Tax: $1.171T (35% of total)
Avg Annual Unemployment Rate: 3.8%
Maybe what you meant to say is that the corp income tax as a share of total revenue dropped about 3 points.
Actual corp income tax revenue dropped by 31.2%.
The good news is that there was a big tax cut in 2018, but the total revenue stayed the same and revenue from individual income tax revenue increased and payroll tax revenue and the unemployment rate went down.
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All-In [26503]
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China is trying to make inroads with Mexico
Mar 16, 2021, 11:21 AM
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This tax rate increase along with 15 min wage will drive corporate America into Mexico where the Chinese will ve waiting for them with cheap labor galore
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All-In [26968]
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President Biden cannot change the corporate tax rate.***
Mar 16, 2021, 11:41 AM
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110%er [9664]
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You're not the first person to get tangled up in semantics
Mar 16, 2021, 12:43 PM
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and you won't be the last.
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Replies: 30
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