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“Congress should raise taxes to fight inflation ‘right now’” Congress is missing an opportunity to combat decades-high inflation by failing to implement tax hikes, former Clinton administration Treasury Secretary Larry Summers asserted on Friday. Summers, a frequent critic of the federal response to inflation, argued that lawmakers should consider raising taxes as another means of…
“#Facts Trump Dems’ claims on Donald’s economy” When President Donald Trump took office in 2017, economists around the world had accepted the fact that the US economy had entered the “new normal” where economic growth would be low, and wage growth nonexistent. Trump’s team argued that deregulation, trade policy and tax cuts could bring us…
“#Nearly 140 countries agree to 15% minimum global corporate tax rate” Nearly 140 countries, representing more than 90 percent of the world’s GDP, agreed to set a minimum corporate tax rate of 15 percent Friday — in a sweeping overhaul of international tax rules that will clamp down on tax havens. The long-awaited deal still…
“#Ireland hikes corporate taxes in blow to Facebook, Apple and Google” Facebook, Apple, Google and other big tech firms with offices in Ireland are set to take a hit to their bottom lines as the country hikes corporate taxes. Ireland — which is also home to sizable offices for Twitter and PayPal — is raising…
“#Dems’ bid to tax rich and big biz will be middle class warfare” Benjamin Franklin was right about death and taxes, but new taxes only become inevitable when a Democrat is elected president, and here we are. The House Ways and Means Committee released an outline of tax proposals to offset President Biden’s jaw-dropping spending…
“#Analysis says Biden’s tax plan will effectively cut lower- and middle-class wages” Here’s something new to worry about when it comes to President Biden’s tax plan: It could hit you in the paycheck. A new analysis from the Tax Policy Center shows the White House’s plan to hike the minimum rate on corporate taxes to…
“#Amazon wins EU court fight over $300 million tax bill” In the latest setback to European Union efforts to tackle corporate tax avoidance, a court on Wednesday annulled a ruling by the European Commission that a tax deal between Amazon and Luxembourg’s government amounted to illegal state support. The EU’s executive branch ordered the US…
“#Andrew Cuomo’s pathetic SALT obsession” Even when he’s begging business leaders to stay in New York, Gov. Andrew Cuomo can’t let go of his obsession with SALT. Ever since President Donald Trump’s 2017 tax reform capped the deduction for state and local taxes to $10,000, Cuomo has been on a tear looking to restore it….
“#Don’t raise corporate taxes and other commentary” Economist: Don’t Raise Corporate Taxes Even if President Biden wanted to raise revenue to address America’s “mountain of debt” (rather than for his dubious $2.3 trillion “infrastructure” plan), hiking corporate taxes “is the wrong way to go about it,” contends Allison Schrager at City Journal. The Trump tax…
“#How taxes made margarine pink, ships sink, and more odd results” On Wednesday, President Biden announced his $2 trillion infrastructure package, and part of the plan includes raising taxes on corporations and “high earners.” It’s just the latest example of a government struggling to calibrate taxes so that they land fairly on the most well-off…