[Obamacar 2022] Corporations rage at Biden, Democrats over tax hikes

[Leroy N. Soetoro]

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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