Apr 07, 2021 1 min, 33 secs

Ambitious in scope by any means, the Made in America Tax Plan would raise the corporate tax rate from 21 to 28 percent, establish a sort of alternative minimum tax for high-earning corporations and attempt to close loopholes around offshoring profits.

A recent survey by data firm Morning Consult found that roughly 60 percent of American adults think companies should be paying more in taxes — and nearly one-third of those say they “strongly agree” with higher corporate taxes.

corporate tax rate would be higher than the average statutory tax rate of 23.51 percent among Organization for Economic Cooperation and Development nations.

State taxes could push the effective rate even higher, some policy experts said.

“Increasing the rate to 28 percent, when combined with state corporate taxes, would lead the combined U.S.

Advocates who want to see the Tax Cuts and Jobs Act wholly or partially reversed, though, argue that these percentages are moot because even after the Tax Cuts and Jobs Act lowered corporate taxes to 21 percent in 2017, many companies pay far less than that — if they pay anything at all.

Critical Senate swing vote Joe Manchin, D-W.Va., has said he doesn’t want the corporate tax rate to be raised higher than 25 percent, and Republicans have been united in their opposition.

Even with this higher floor, the Treasury report makes the argument that the tax plan “reorients corporate tax revenue toward historical and international norms.” Supporters of the Tax Cuts and Jobs Act, which slashed the corporate tax rate from 35 percent to 21 percent in 2017, contend that paying more into federal coffers robs companies of cash they would otherwise spend on capital investment, wage gains and other activities that facilitate economic expansion.

tax rate to 21 percent would induce American companies to move profits back onshore, but this didn’t solve the fundamental problem, said Bill Smith, managing director of the national tax office for CBIZ MHM.


1. Hennepin County is battling a new HIV outbreak - Minneapolis Star Tribune
May 10, 2021 # health 1 min, 27 secs
2. Andrew Cuomo's pathetic SALT obsession - New York Post
May 09, 2021 # politics 49 secs
3. Do You Know Your Metabolic Age? Here's How Find Out + Improve It - mindbodygreen.com
May 09, 2021 # health 2 mins, 3 secs
4. Pet Cats Fall For Optical Illusions Too - NPR
May 10, 2021 # health 1 min, 23 secs
5. Using This Appliance To Cook Beans Can Cause Food Poisoning, Says Science - msnNOW
May 08, 2021 # health 38 secs
6. Mark Zuckerberg on Facebook's VR future: New sensors on Quest Pro, fitness and a metaverse for work - CNET
May 07, 2021 # politics 10 mins, 12 secs
7. Why you may see strange bright lights in the San Francisco Bay Area sky tonight - SF Gate
May 07, 2021 # politics 51 secs
8. Scientists Worry Next Flu Season Could Be a Bad One - NECN
May 09, 2021 # health 14 secs
9. The Breakout Cities on the Forefront of America’s Economic Recovery
May 09, 2021 # breaking 18 secs
10. Boy Scouts to allow girls to their ranks
May 06, 2021 # breaking 2 secs
11. Twin Supernovae Open Up New Possibilities for Precision Cosmology - SciTechDaily
May 09, 2021 # science 5 mins, 9 secs
12. BTS Sport New Suits in Sharp-Looking 'Butter' Teaser Photo - Billboard
May 09, 2021 # entertainment 16 secs
13. Meacham: Founders Wanted Critical Race Theory, '1619 Project' to Be 'Part of the Conversation'
May 08, 2021 # breaking 21 secs
14. Matt Damon talks about Ben Affleck and Jennifer Lopez on TODAY show - Today.com
May 11, 2021 # politics 43 secs
15. Woman reunites with birth mom after 50 years, finds out she starred on TV - New York Post
May 10, 2021 # entertainment 50 secs
16. China rocket debris tracker: How to see location where it will land - Fox News
May 08, 2021 # politics 56 secs

SUBSCRIBE

Get monthly updates and free resources.

CONNECT WITH US

© Copyright 2021 365NEWSX - All RIGHTS RESERVED