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this post was submitted on 08 Nov 2023
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politics
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The irony is that... progressives absolutely do have a solid platform that people generally support. by people, I'm excluding Hilary's and Biden's Corporate Donors. Sorry, I don't have to respect Citizens United.
These people must have hated it when Biden created a 15% minimum corporate tax rate.
If the status quo is any indication, corporate tax rules are largely performative. I would be happy to be wrong about that and see actual enforcement happen as a result of the Inflation Reduction Act, but I'm not gonna hold my breath.
https://itep.org/55-profitable-corporations-zero-corporate-tax/
There is some detailed guidance about the CAMT I found here, but someone with more specific knowledge will have to parse through it to determine how easily they are gonna be able to dodge this, too.
https://www.irs.gov/pub/irs-drop/n-23-20.pdf
It's not like they were paying the ostensible 12% taxes they owed before.
The entire point of the 15% MINIMUM tax rate is that their are no loopholes around it.
You know nothing about taxes. The rate was reduced by Convicted Rapist Treason Trump from 34% to the current 20%.
It's not Biden's fault that you don't understand or pay attention to crucial current events.
Do go on about how the current tax is 20%.
now lets talk about the 15%- the biggest and most obvious loop hole is that it only applies to corporations that make more than 1 billion in earnings. Which, is actually relatively few. and if you can't think of a way around that for the few that are there, then you probably shouldn't be talking. I can think of a few ways. The easiest is to fork off functional sections into subsidiaries (which then pay their own taxes)
but under no circumstances did Biden do that without his corpo benefactors giving him the go ahead to do so in the first place. Because money is speech and corporations are people... and corporations have a helluvalotta "speech" to give. either to biden or his competitor.