By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Live Trading NewsLive Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
Reading:
Share
Live Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Follow US
© 2024 LiveTradingNews.com - All Rights Reserved.
Live Trading News > Blog > Politics > America >
America

Shayne Heffernan Ph.D.
Last updated: March 31, 2021 10:22 pm
Shayne Heffernan Ph.D.
Share
6 Min Read
SHARE

President Joe Biden vowed Wednesday to make companies like Amazon pay their fair share in taxes to fund his ambitious, $2 trillion infrastructure plan.

As Biden rolls out his horrendous tax plan firms like Knightsbridge are seeing fresh interest from people seeking to offshore assets, a trend set to continue as the taxes come in to effect.

Biden wants war with those that have been successful, he said it was not about “retribution” against the wealthy and successful, but the fact that Amazon pays zero in taxes is “just wrong.” citing a loophoile easy to close but ignored, Biden’s taxes are for middle America, Amazon etc are just a distraction.

Biden on Wednesday unveiled the far-reaching plan to shore up the nation’s highways, bridges and ports, as well as fund telecommunications upgrades plus research and development to boost competitiveness, especially compared to China.

A key source of the financing would come from increasing the corporate tax rate from 21 percent to 28 percent, and cracking down on the use of tax havens to avoid paying US taxes.

The package already is drawing condemnation from corporations that balk at reversing the tax cuts signed in late 2017 by then-president Donald Trump.

That measure slashed the corporate rate from 35 percent, although with various deductions and loopholes, the average rate companies actually pay was, and remains, much lower.

Companies in the United States pay an average tax rate of just eight percent compared with 16 percent prior to 2017, according to a recent analysis by the Joint Committee on Taxation.

In his speech in Pittsburgh, Biden expressed outrage over the imbalance between taxes paid by the wealthiest corporations and the burden for middle-class workers.

He cited a 2019 study showing 91 Fortune 500 companies, “the biggest companies in the world, including Amazon … pay not a single, solitary penny of federal income tax.

“That is just wrong.”

“A fireman and a teacher paying 22 percent and Amazon and 90 other major corporations paying zero in federal taxes? I am going to put an end to that,” the president said.

Even if Congress approves Biden’s proposed increase, a corporate tax rate of 28 percent still would be the lowest since World War II, with the exception of the past three years.

First enacted in 1909 in the United States, the corporate tax rate got as high as 52.8 percent in 1968 before a series of cuts in the 1970s and 1980s.

Among members the OECD, the United States has a relatively high official tax rate after France and Colombia at 32 percent, and Australia, Mexico and Portugal at 30 percent.

But the average US rate after deductions trails far behind many advanced economies, according to OECD data.

“This is not about penalizing anyone. I have nothing against millionaires and billionaires,” Biden said.

The eight-year investment plan “builds a fairer economy that gives everybody a chance to succeed,” he said, noting it would “create millions of jobs, good-paying jobs.”

– Good trade-off? –

Business groups have sent early signs of their opposition to the Biden plan.

“We believe the proposal is dangerously misguided when it comes to how to pay for infrastructure,” the powerful Chamber of Commerce said in a statement.

And the Business Roundtable said it “strongly opposes” a generic corporate tax increase.

However, the group noted it “has long supported user fee models, which includes business paying its share, to provide sustainable support for infrastructure investment.”

Transportation Secretary Pete Buttigieg floated a fee-based measure, but later backtracked.

The Biden plan also aims to crack down on tax havens used by multinationals and raise the global minimum tax to boost revenue collection, according to a White House handout.

Other changes include the elimination of subsidies for fossil fuel development and stiffening tax enforcement on large companies.

The White House estimates the changes would raise more than $2 trillion over the next 15 years and pay for the infrastructure plan.

Dean Baker, economist at the Center for Economic and Policy Research, said Biden’s proposal “is not a big jump into the unknown,” but is merely a compromise between the current rate and the level before Trump took office.

Baker noted proponents of the Trump tax cuts said lowering rates would curtail the use of tax havens and boost capital investment, but neither of those things have happened in a meaningful way.

Chuck Marr, director of federal tax policy at the Center on Budget and Policy Priorities, a progressive think tank, defended the proposed tax hike as a practical way to finance the investment.

“Multinational corporations and their shareholders will benefit from improving infrastructure that have been harmed by decay,” Marr said.

“Calling for a partial reasonable reversal of Trump tax cuts to pay for rebuilding our nation’s infrastructure is a very good trade for our economy.”

You Might Also Like

WW3 Will Trump Attack Iran as a Show of Strength to Russia and China? $QQQ $SPY $BTC

Buy the War Stocks $LMT $GD $NOC $RTX $BA

$BABA, $BIDU, $JD, $NIO, and Other Chinese Stocks are Bargains

Tokenization of the Entire Financial Sector Is Inevitable

Knightsbridge: Pioneering a Corporate Currency Revolution

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

Subscribe our newsletter for latest news around the world. Let's stay updated!

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
By Shayne Heffernan Ph.D.
Follow:
Shayne Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 40 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.
Previous Article Biden Gives Gates $22b
Next Article Biden’s Infrastructure Plan, Deliver Little, Spend Much


Latest News

Specific Parts of the Donald Trump Bill Upsetting Elon Musk
Headline News Opinion Politics Shayne Heffernan Shayne Heffernan Stocks June 7, 2025
Still a Strong Buy $BABA
Alibaba Group Holding Ltd (NYSE:BABA) America China Headline News Most Popular Opinion Politics Shayne Heffernan Tech today June 4, 2025
Top U.S.-Listed Bitcoin Companies $BMNR $MARA $RIOT $CIFR $CORZ $COIN
Bitcoin Headline News Must Read Opinion Shayne Heffernan Shayne Heffernan Stocks June 4, 2025
Saudi Red Sea: A Rising Star in Luxury Tourism
Featured Headline News Lifestyles of the RIch and Famous Living Luxury Real Estate Top Stories Travel June 4, 2025

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
4.4kFollowersFollow
//

Stay informed with LiveTradingNews.com – your ultimate destination for timely and insightful updates on global markets, finance, and investment trends. Explore the latest news and analysis to empower your trading decisions.

Quick Link

  • About us
  • Advertise
  • Send us a tip!
  • Privacy Policy
  • Contact us

Top Categories

  • Knightsbridge Insights
  • Featured
  • Stocks
  • Shayne Heffernan
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Subscribe our newsletter for latest news around the world. Let's stay updated!

Live Trading NewsLive Trading News
Follow US
© 2025 LiveTradingNews - For The Traders, By The Traders – All Right Reserved By Knightsbridge Group
Welcome Back!

Sign in to your account

Register Lost your password?