Major Republican Senators say they are open to corporate tax increases

Some major Republican senators may be willing to close loopholes that allow large corporations to eliminate overall tax bills, without excluding increasing additional revenues from businesses. I told Axios.

Important reason: The proposal to raise the corporate tax rate from 21% to 28% to pay President Biden’s infrastructure plan has been hit by nearly uniform Republican opposition, but some to ensure that businesses pay more. There is a desire for.

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  • Senator Lindsey Graham (RS.C.) said:

  • “The way to do that is to put some restrictions on depreciation,” Graham added.

  • “I believe everyone should pay a fair share,” said Senator Mike Brown (R-Ind.). “I’m from the small business world, so when big companies don’t pay fair taxes, I’m in trouble.”

Senator Ted Cruz (R-Texas) took this opportunity to lobby. Flat tax.

  • “I think tax law is filled with unfair loopholes and subsidies. The answer is not to eliminate all exemptions and keep tax rates high. This is a big tax increase. The answer is exemptions. And to eliminate low rates. “

  • Some of the comments came on the same day as Senate Republicans Introduce your own infrastructure plan This included “protection from corporate taxes or international tax increases.”

News promotion: President emphasized Research The Left Tax and Economic Policy Institute shows that 55 companies actually received a $ 3.5 billion tax refund instead of paying about $ 8.5 billion on revenues of about $ 40.5 billion. I will.

Dig deeper: The president proposed raising an additional $ 2 trillion from businesses by focusing on three areas.

  • He wants to raise their base tax rate from 21% to 28%.

  • For US multinationals, he plans to raise taxes on foreign income from 10.5% to 21%.

  • He also proposed a minimum tax of 15% that he would like to apply to all businesses. This is a catch-all to prevent businesses from zeroing their tax payments.

Be wise: The president supports a 28% rate, but Senate Democrats already appear to be settling at a 25% rate. Reported this week..

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