Democrats in Congress got a head start on their tax-increase agenda by reportedly sneaking a trio of surprise tax hikes into President Joe Biden’s $1.9 trillion coronavirus relief package.
The spate of new taxes, which together amount to $60 billion, target wealthy and big corporations.
“One takes away deductions for publicly traded companies that pay top employees more than $1 million. Another provision cracks down on how multinational corporations do their taxes. A third targets how owners of unincorporated businesses account for their losses,” Politico reported Wednesday.
Politico added that while the tax hikes are aligned with the Democrats’ agenda of raising taxes on the rich, they fell under the radar because of their relative obscurity.
“Unlike things like raising the corporate tax rate or upping the top marginal tax rate on the rich, the ones they chose won’t produce many headlines,” the outlet noted. – READ MORE
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