Ya gotta crawl before ya walk….
One takes away deductions for publicly traded companies that pay top employees more than $1 million. Another provision cracks down on how multinational corporations do their taxes. A third targets how owners of unincorporated businesses account for their losses.
It’s surprising because Democrats were widely expected to put off their tax-increase plans until later. Many lawmakers are wary of hiking them now, when the economy is still struggling with the coronavirus pandemic. If anything, when it came to their stimulus plan, Democrats were focused on cutting taxes, not increasing them.
But they ran into problems complying with the stringent budget rules surrounding so-called reconciliation measures like the coronavirus legislation — especially after some wanted to add provisions like one waiving taxes on unemployment benefits.
If Democrats exceeded their $1.9 trillion budget cap for the plan, they would lose the procedural protections that were used to shield the entire measure from a Republican filibuster in the Senate.
The tax increases Democrats picked to help keep their plan’s cost in check had the political benefit of being arcane. Unlike things like raising the corporate tax rate or upping the top marginal tax rate on the rich, the ones they chose won’t produce many headlines.
They also fit Democrats’ themes of fighting inequality by forcing the well-to-do to pay more…
Remember all those Trump Party people at The CPAC announcing that the Republican Party was the “ blue collar party?”
Well I guess it isn’t any wonder that Republicans are still trying to repeal the Estate Tax which currently applies to estates over 11 million dollars.
We all know “ blue collar” people are very concerned with this.
Republicans…always looking out for the little guy!
And as we all know them Republicans are “ anti elitist.”
Funny, I had never realized their was a tax deduction for corporations that paid a single employee over a million dollars…I guess the sports teams are not going to be happy about this.
If you can afford to pay a single employee a million dollars, I don’t see you needing a special tax deduction for that…just another way the tax code favors the well to do…