Large US corporate group Capitol Hill launches $ 740 billion legislative package to raise corporate taxes to fund government climate and healthcare initiatives It is exploding in.
The US Chamber of Commerce says President Biden is ready to sign the law, the so-called inflation reduction law, which will support companies with "significant new tax increases and unprecedented government price controls." rice field.
The bill that passed the Democratic Senate over the weekend includes a minimum of 15% tax on companies that generate more than $ 1 billion in annual profits, based on figures reported in financial statements. increase.
The bill also includes the $ 80 billion of theInternal Revenue Serviceand will employ an additional 87,000 agents.
Independent watchers, the Joint Tax Commission, have 78% to 90% of the additional $ 200 billion collected by government agencies as a result of increased personnel, 20% per yearCollected from small businesses with incomes of less than $ 10,000.
National Association of Manufacturersfollows the Financial TimesSaid as. Tax increases will "hit our industry's ability to raise wages, hire workers and invest in our communities."
Another professional business lobbying group, the Business Roundtable, adds $ 300 billion in new costs to employees at the wrong moment when the country faces economic headwinds. He said.
The law also imposes a 1% tax on share repurchases. This is the result of a compromise agreement between Democratic leaders and Senator Kyrsten Sinecine (Arizona), who dismissed the previous proposal to close the carried-over interest. A loophole preferred by hedge funds.
The Chamber of Commerce has accused the 1% tax on share repurchases. It will come into effect next year, saying that it "distorts the efficient movement of capital and reduces the value of American retirement savings."
The pharmaceutical industry is also categorically opposed to providing a bill that will allow the government to negotiate prices for certain medicines for the elderly.
"Today's vote is a political victory for the Democratic Party. But it's really a tragic loss for the patient, "said Stephen Ubl, president of the Pharmaceutical Research and Manufacturers of America.
The Inflation Reduction Act has been voted in the House of Representatives and will be passed this week thanks to a Democratic-led majority. Biden is expected to sign the law soon.
Tax expertsays that taxes on stock repurchases that could generate $ 70 billion to $ 124 billionimpose a surcharge on all types of financial transactions "gateway drugs" I told the post that it could be. ..
Companies sighed in relief when Cinema forced party leaders to accept a watered-down version of the bill.
Initially, the bill included a clause to raise the statutory corporate tax rate from 21% to 28%. This is part of Biden's plan to cancel tax cuts during the Trump era. But cinema's veto denied that idea.
"If the tax reform in 2017 was 10 and the Build Back Better [Biden's original plan] was 0, where is this? I think it's 5," said the Chamber of Commerce. Chief Policy Officer Neil Bradley told FT.
"I didn't cut taxes. Taxes went up, but they're much better than BuildBackBetter."
The president, on his side, he's in anti-business Insisted that it was not.
"I'm a capitalist. I'm not trying to punish anyone," Biden said on Friday. "But I'm telling everyone — everyone should pay their fair share. Just their fair share."
