Business fumes as Democrats blast GOP for blocking corporate tax credits (to deny Biden any good news)

[essentialsaltes]

Senate Democrats say Senate Republicans are blocking an expansion of the child tax credit and a package of corporate tax credits, even though business groups are clamoring for its passage, because they want to deny President Biden a legislative victory five months before Election Day.

It’s the second time this year presidential politics have created a rift between Senate Republicans and the U.S. Chamber of Commerce and the Business Roundtable, two of the biggest business trade groups in Washington.

Earlier this year, Senate Republicans voted overwhelmingly to block a bipartisan border security deal that the U.S. Chamber of Commerce endorsed and the Business Roundtable applauded ... after former President Trump told allies on Capitol Hill he didn’t want to give Biden a win on border security.

 

[AlexB23]

Senate Democrats say Senate Republicans are blocking an expansion of the child tax credit and a package of corporate tax credits, even though business groups are clamoring for its passage, because they want to deny President Bidena legislative victory five months before Election Day.

It’s the second time this year presidential politics have created a rift between Senate Republicans and the U.S. Chamber of Commerce and the Business Roundtable, two of the biggest business trade groups in Washington.

Earlier this year, Senate Republicans voted overwhelmingly to block a bipartisan border security deal that the U.S. Chamber of Commerce endorsed and the Business Roundtable applauded ... after former President Trump told allies on Capitol Hill he didn’t want to give Biden a win on border security.

The Senate is a total mess nowadays (cos of MAGA). Hopefully this tax credit passes for the child tax part at least, and that small businesses can benefit. Goes to show that Biden has some good policies. By the way, I am coming from a centrist perspective here.

 

[Laodicean60]

A corporate tax credit, hmm? I've heard so much about tax cuts for the rich. Isn't a tax credit another form of tax cut, both reduce the amount of money the IRS gets. I do believe that our dysfunctional government does what the title suggests.

 

[Laodicean60]

Hopefully this tax credit passes for the child tax part at least, and that small businesses can benefit.

I agree! Run for president it's up to you young people to change the status quo.

 

[Pommer]

A corporate tax credit, hmm? I've heard so much about tax cuts for the rich. Isn't a tax credit another form of tax cut, both reduce the amount of money the IRS gets. I do believe that our dysfunctional government does what the title suggests.

Tax credits is how the government gets corporations to do things that the government would like corporations to do, but won’t, without some sort of “incentive”.

 

[Laodicean60]

Tax credits is how the government gets corporations to do things that the government would like corporations to do, but won’t, without some sort of “incentive”.

Gotcha.
What I found they wanted to add back in and I don't see anything wrong with it not sure why Trump nixed it. If there are more cooperate tax credits please enlighten me. I'm not too sure how the NOL works but it seems small businesses could benefit because most startups start with operating losses.

Based on the provided search results, the three business deductions that were nixed in the 2017 Tax Cuts and Jobs Act are:

Section 199: The law eliminated the section 199 (domestic production activities) deduction for businesses that engage in domestic manufacturing and other production work.
Net Operating Losses (NOLs): The law scrapped net operating loss (NOL) carrybacks and caps carryforwards at 90% of taxable income, falling to 80% after 2022.
Domestic Production Activities Deduction (DPAD): The law eliminated the DPAD, which was a deduction for businesses that engaged in domestic manufacturing and other production work.

Instead of allowing the 2017 Tax Cuts and Jobs Act to expire our government should build on what the previous administration tried to do.

Corporate Tax Rate: The TCJA lowered the corporate tax rate from 35% to 21%. (Unless those idiots in government can go through the tax code and do away with some of the corporate write-offs.)
Individual Tax Rates: The law reduced individual tax rates, with the top marginal rate decreasing from 39.6% to 37%. (keep for the serfs)
Standard Deduction: The standard deduction was nearly doubled for all classes of filers. (modify for the little people only )
Child Tax Credit: The child tax credit was increased and made refundable for more families.
State and Local Tax (SALT) Deduction: The SALT deduction was capped at $10,000. (allow the serfs to reap benefits because most don't itemize and place a cap that benefits only lower to middle-class serfs. This doesn't help much for high-tax states California and New York..)
Estate Tax: The TCJA doubled the estate tax exemption to $11.2 million per individual.
Pass-Through Businesses: The law provided a 20% deduction for qualified business income from pass-through entities, such as partnerships and S corporations. (Allow for small businesses and startups only)
Alternative Minimum Tax (AMT): The TCJA increased the AMT exemption amounts and indexed them for inflation. (There's nothing wrong with keeping up with inflation, especially when our government is contributing to inflation)

 

[Always in His Presence]

Now Democrats are in favor of Corporations paying less in taxes?

When did that happen?

 

[essentialsaltes]

Now Democrats are in favor of Corporations paying less in taxes?

When did that happen?

Using tax credits to further our national interests is a nonpartisan issue.

 

[Always in His Presence]

Using tax credits to further our national interests is a nonpartisan issue.

Tax credits lower the taxes for corporations

We have heard non stop from the Left how corporations do not pay their fair share of taxes - now the same people are complaining about credits that will help the rich corporations pay LESS -

https://www.cbsnews.com/us?ftag=CNM-16-10abg0d

"Asking corporate America just to pay their fair share will not slow the economy at all," Mr. Biden said following remarks on the latest jobs report Friday at the White House. "It will make the economy function better. It will create more energy."

For three and a half years we have been hearing this - now they are saying those mean Republicans are making Corporations pay more - you would think they would applaud.

Of course their Super pac and megga donors probably will not feel that way - ya think?

 

[essentialsaltes]

Tax credits lower the taxes for corporations

Biden is still committed to raising the corporate tax rate (since Congress has not obliged in passing his proposals).

But that's separate from tax credits, which offer breaks in exchange for something of value to the nation.

 

[Always in His Presence]

Biden is still committed to raising the corporate tax rate (since Congress has not obliged in passing his proposals).

But that's separate from tax credits, which offer breaks in exchange for something of value to the nation.

oh a business quid pro quo - yeah Joe is really good at that.

It's just another incentive for businesses to be obliging to Joe - Joe gives them tax credits - they pay LESS in taxes - Joe gets their support by abandoning his stance for that last three years on corps paying their fair share.

But hey! He will get their money for his candidacy - right?

 

[AlexB23]

I agree! Run for president it's up to you young people to change the status quo.

I was born overseas, so I can not run for president. Have to be natural born citizen, not an adopted citizen. Also, I am fed up with both sides, and no independent candidate would win in the US.

 

[Pommer]

I was born overseas, so I can not run for president. Have to be natural born citizen, not an adopted citizen. Also, I am fed up with both sides, and no independent candidate would win in the US.

If one parent was a citizen at the time of your birth…”President AlexB23” is a possibility.

 

[AlexB23]

If one parent was a citizen at the time of your birth…”President AlexB23” is a possibility.

Well, both of my birth parents are from overseas. My adopting parents are US citizens though. But I do not want to be president, cos both parties suck.

 

[Pommer]

Well, both of my birth parents are from overseas. My adopting parents are US citizens though. But I do not want to be president, cos both parties suck.

It’s a lousy dead end job anyways.

 

[essentialsaltes]

by abandoning his stance for that last three years on corps paying their fair share.

False.

The 2020 Biden platform contains many references to tax credits, including those for businesses. This is his stance.

These particular R&D tax credits were initially created by Trump in his 2017 tax law. They had a sunset provision and are going away, which is why business leaders are upset. Assuming it's all a bribe to the corporations, Trump started it.

Regardless, tax credits are, and have been, a part of President Biden's overall strategy to improve American competitiveness and move the economy forward.

It does not conflict with his push to raise corporate tax rates.

 

[AlexB23]

It’s a lousy dead end job anyways.

Agreed 100%.

 

[Laodicean60]

It’s a lousy dead end job anyways.

Maybe for a President but it seems congressmen make out pretty good thru revolving door and investments from industries they regulate.

 

[Always in His Presence]

False.

True - it is EXACTLY what he is doing

it is stated in his bbb plan and I quote:

President Joe Biden has taken several actions related to tax credits for businesses. Here are some key points:

1. Build Back Better Agenda:
   • President Biden’s Build Back Better Agenda aims to provide greater tax fairness for small businesses1.
   • It will crack down on unfair tax schemes that benefit large corporations.

 

[Laodicean60]

It will crack down on unfair tax schemes that benefit large corporations.

I wish someone in government would! It hasn't happened yet because they were bought off by corporations. Back in the day I was beating the drum against the Occupy Wall Street movement but today I agree with it once I learned a little about the economy. Worker wages is my concern and I just heard that many are working two full-time jobs to make ends meet, ridiculous.