July 29, 2020
WHY WOULDN'T WE WANT COMPANIES TO BE PROFITABLE?:
Joe Biden wants to end the era of big companies paying nothing in taxes (REY MASHAYEKHI, July 29, 2020, Fortune)
In addition to raising the corporate tax rate to 28%, from 21% currently, Biden's plan would set a minimum tax of 15% on companies' "book income," or profits reported to investors, the Wall Street Journal reported Tuesday. It would also double the existing tax rate on foreign profits reported by U.S. firms, from 10.5% to 21%, according to an analysis by the Tax Policy Center.
Tax their consumption, not their profits.
Posted by Orrin Judd at July 29, 2020 1:53 PM