Article

2021-07-27 Economy

Biden tax hikes would lead to corporate exodus, top Republican predicts

[Washington Examiner] Rep. Kevin Brady, who played a leading role in passing the sweeping Republican 2017 tax cuts, said companies will move overseas if the Biden administration succeeds in implementing its tax proposals.

Brady, the top Republican on the powerful Ways and Means Committee, told the Washington Examiner during an expansive interview that the Democratic tax agenda would have dire repercussions for the country. He said that it would signal a return to the "old days" of the tax code when corporate inversions were grabbing headlines.

The Texas Republican said that "without question," there will be a new wave of corporate inversions if President Joe Biden follows through on hiking the corporate tax rate from 21% to 28% (the 2017 tax cuts lowered the rate from 35%). Biden has also proposed raising the top individual income tax rate to 39.6% and taxing capital gains for households making more than $1 million as ordinary income.

Brady also said there will be more long-term decisions by companies to move their research and development, their intellectual property, their manufacturing, and their headquarters overseas.

Posted by Besoeker 2021-07-27 03:59|| || Front Page|| [11128 views ] Top

#1 But Rep. Brady, moving our remaining business and industry to China is a democratic long-term goal.

Posted by Besoeker 2021-07-27 04:02|| 2021-07-27 04:02|| Front Page Top

#2 Several years ago, working for a major bank, I was surprised to discover that one of our most prominent subsidiaries was headquartered in Ireland. Why Ireland? A 10% maximum tax rate. Simple.

Posted by Tom 2021-07-27 10:06|| 2021-07-27 10:06|| Front Page Top

#3 To drive business away is the whole idea. It's unfair for America to use its tax laws to benefit itself. We need to be kneecaped by high taxes to give the rest of the world a chance.

Posted by Knuckles Slererong5344 2021-07-27 14:31|| 2021-07-27 14:31|| Front Page Top

#4 As Designed. (yeah... I say that alot...)

Posted by CrazyFool 2021-07-27 15:03|| 2021-07-27 15:03|| Front Page Top

#5 Can you even imagine what the country would look like with a maximum 10% tax rate...corporate, personal, capital gains?

Posted by Cesare 2021-07-27 16:03|| 2021-07-27 16:03|| Front Page Top

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