Democrats snuck a handful of surprise tax hikes on corporations in President Biden’s sweeping coronavirus relief package that combined are worth more than $60 billion.
One provision in the $1.9 trillion stimulus bill limits deductions for publicly traded companies that pay their top employees more than $1 million for tax years beginning after 2026. Another extends a cap on how much certain unincorporated business owners can deduct against their non-business income to reduce their tax liability, and the third clamps down on how multinational corporations do their taxes.
The Biden administration has been reluctant to raise taxes during the pandemic, with millions of businesses and families still reeling financially. But according to Politico, which first reported the news, Democrats ran into an issue with rules that strictly regulate legislation being passed via budget reconciliation.
Had Democrats exceeded their $1.9 trillion budget cap for the plan, they risked facing an insurmountable Republican filibuster in the Senate. But by adding the tax increases, Democrats managed to keep their plan’s cost in check, even with the last-minute addition of a measure that waives taxes on the first $10,200 in unemployment benefits.
Surprise surprise !!!! TAX & SPEND Democrats !!!!!!!
bet this is going to piss off some that helped him get in
Good thing is > those who put him in Have to pay all the extra Taxes too !!!! & they deserve to pay ours Too !!!!
With Trump you had Tax CUTS !!!! Remember that !!!
With the Corrupt Criminal Biden Administration Cartel YOU have ALOT of Surpises Coming next 4 years !!!!
ALL BAD ones !!!!!!