Coons’ Super Secret Bipartisan Caucus Preparing to Spring into Action
Coons has negotiated the infrastructure package in half by himself. Just wait until his SUPER SECRET BIPARTISAN caucus gets going!
Coons said that “several fairly seasoned senior Republicans” told him they were willing to support a $1 trillion infrastructure package and pay for some of it but objected to Biden’s plan to raise the corporate tax rate from 21 percent to 28 percent. Thehill.com
Anybody who has been paying the least bit of attention to Coons’ nonsense knows how this is going to end. Collins is, regrettably, voting no. All Republicans are voting no, but most have enough dignity not to look like idiots on their way to their no vote.
Coons super secret closeted conservative coalition will propose dramatically less be spent and protect his corporate owners. In Coons and Carper we have failed, but at least some of us know it.
I’m actually not a fan of high corporate taxes. The reason corporations want low/no taxes is so they can pass cash to their wealthy executives and investors. That’s where we should raise the taxes. That, and micro-tax on all securities transactions.
I agree with you on this, but I think taxing corporations probably polls even better than taxing the rich. Again, no time to check this, but I think it raises more revenue as well because you don’t have to wait until the owner cashes out to get the revenue.
That said, eliminating loopholes and disallowing certain expenditures as legitimate business expenses would probably raise more, as would beefing up IRS audits of both corporations and the wealthy.
Agree. Maybe 21% is enough if we actually collected 21%.
I also like the idea of a higher nominal corporate rate, but with tax discounts as incentive for socially beneficial corporate behavior:
No pollution violations? Discount.
Annual reduction in carbon footprint? Discount.
Apprentice program with provable results? Discount!
Reasonable CEO pay ratio? Discount!!!
…etc
With enough good behavior maybe we would be happy to collect 21% or less.
I like the good behavior discount but you’ll really have to beef up the IRS to audit claims for those deductions.
Like the micro tax idea, a small tax on stock transactions would raise billions due to the volume of trades made daily, as for taxing the rich, bring it.
I agree with Puck’s comment “if we actually collected 21%”. What good is increasing the corporate rate if the allowed deductions result in low or no taxable income? Maybe there should be an Alternative Minimum Tax” for corporations, as there is for individuals.