XPost: us.taxes, alt.fraud, sac.politics   
   XPost: alt.politics.democrats, alt.fan.rush-limbaugh, talk.politics.guns   
   From: democrat-criminals@mail.house.gov   
      
   https://nypost.com/2022/08/09/corporations-rage-at-biden-democrats-over-   
   tax-hikes/   
      
   Big US business groups are blasting a $740 billion legislative package on   
   Capitol Hill that will raise corporate taxes in order to fund the   
   government’s climate and health care initiatives.   
      
   The US Chamber of Commerce said that the so-called Inflation Reduction   
   Act, which is poised to be signed into law by President Biden, would   
   saddle businesses with “significant new tax increases and unprecedented   
   government price controls.”   
      
   The bill, which passed the Democrat-led Senate over the weekend, includes   
   a minimum 15% tax on corporations that generate more than $1 billion in   
   profits annually based on figures reported in financial statements.   
      
   The bill also includes $80 billion for the Internal Revenue Service, which   
   is expected to hire an additional 87,000 agents.   
      
   The Joint Committee on Taxation, a nonpartisan watchdog, estimates that   
   between 78% and 90% of the additional $200 billion that the agency will   
   collect as a result of its beefed-up headcount will be collected from   
   small businesses that earn less than $200,000 per year.   
      
   The National Association of Manufacturers told Financial Times that the   
   tax increases would deliver “a blow to our industry’s ability to raise   
   wages, hire workers and invest in our communities.”   
      
   Another pro-business lobbying group, The Business Roundtable, said that   
   the legislation would add $300 billion in new costs for employers at an   
   inopportune moment when the country faces economic headwinds.   
      
   The legislation also imposes a 1% tax on stock buybacks — the result of a   
   compromise agreement between Democratic leadership and Sen. Kyrsten Sinema   
   (D-Ariz.), who struck down an earlier proposal to close the carried   
   interest loophole favored by hedge funds.   
      
   The Chamber of Commerce slammed the 1% tax on share buybacks, which will   
   go into effect next year, saying that it would “distort the efficient   
   movement of capital…and diminish the value of Americans’ retirement   
   savings.”   
      
   The pharmaceutical industry is also steadfastly opposed to the provision   
   of the bill that would allow the government to negotiate the prices of   
   certain medications for seniors.   
      
    “Today’s vote may feel like a political win for Democrats, but it’s   
   really a tragic loss for patients,” said Stephen Ubl, the president of the   
   Pharmaceutical Research and Manufacturers of America.   
      
   The Inflation Reduction Act will be voted on in the House of   
   Representatives, where it is expected to pass this week thanks to a   
   Democrat-led majority. Biden is expected to sign it into law soon   
   afterward.   
      
   Tax experts told The Post that the tax on stock buybacks, which could   
   generate between $70 billion and $124 billion, could become a “gateway   
   drug” to impose levies on all sorts of financial transactions.   
      
   Businesses breathed a collective sigh of relief when Sinema forced her   
   party’s leadership to accept a watered down version of the legislation.   
      
   Initially, the bill contained a provision that increased the statutory   
   corporate tax rate from 21% to 28% — part of Biden’s plan to reverse the   
   Trump era tax cuts. But Sinema’s veto nixed that idea.   
      
   “If 2017’s tax reforms were a 10 and Build Back Better [Biden’s original   
   plan] was a zero, where is this? I guess I’d say it’s a five,” Neil   
   Bradley, the Chamber’s chief policy officer, told FT.   
      
   “It didn’t cut taxes; it raised taxes, but it’s a lot better than Build   
   Back Better.”   
      
   The president, for his part, insisted that he is not anti-business.   
      
   “I’m a capitalist. I’m not trying to punish anybody,” Biden said on   
   Friday. “But I’m saying everyone — everyone should pay their fair share.   
   Just their fair share.”   
      
   Like Hunter and yourself?   
      
   TAGS:  CHUCK SCHUMER  CORPORATE TAXES  DEMOCRATS  JOE BIDEN  JOE MANCHIN   
   KYRSTEN SINEMA  PROPERTY TAXES  SMALL BUSINESS  TAXES  8/9/22   
      
      
   --   
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   recover with no after effects.   
      
   No collusion - Special Counsel Robert Swan Mueller III, March 2019.   
   Officially made Nancy Pelosi a two-time impeachment loser.   
      
   Donald J. Trump, cheated out of a second term by fraudulent "mail-in"   
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   Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden   
   fiasco, President Trump.   
      
   Under Barack Obama's leadership, the United States of America became the   
   The World According To Garp.  Obama sold out heterosexuals for Hollywood   
   queer liberal democrat donors.   
      
   President Trump boosted the economy, reduced illegal invasions, appointed   
   dozens of judges and three SCOTUS justices.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)