Trump-GOP Tax Law Encourages Companies to Move Jobs Offshore–and New Tax Cuts Won’t Change That
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November 20, 2020 at 11:50 AM - Views: 23 #379906
The Trump-GOP tax law enacted in December 2017 creates clear incentives for American-based corporations to move operations and jobs abroad, including a zero percent tax rate on many profits generated offshore. Now the Trump administration and some lawmakers who supported the 2017 law say they are concerned about companies moving jobs offshore, particularly to China, and call for additional tax breaks to lure them back.
New tax cuts to incentivize bringing jobs back to the United States will fail. No new tax provisions can be more generous than the zero percent rate the 2017 law provides for many offshore profits or the loopholes that allow corporations to shift profits to countries with minimal or no corporate income taxes.
Problems Created by the 2017 Law Can Only Be Solved by Replacing It with Real Tax Reform…
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November 20, 2020 at 1:34 PM #379915
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November 20, 2020 at 10:12 PM #380015
The 2017 tax bill passed with no D votes in the House or Senate @djean111
The article is summer 2020 about the *Rs* talking about ways to bring off-shored jobs back — an exercise in *R* hypocrisy, not *D* hypocrisy this time, sorry.
And the rest of us will feel the deeper pain when our own taxes go up when Dump is out of office: also on the Rs, though I bet that will be obfuscated like everything else is these days under the roof of the propaganda factory.
GOP planted a time bomb in their 2017 tax cut bill that will actually raise most people’s taxes: Nobel economist
“President Trump and his congressional allies hoodwinked us,” wrote Stiglitz. “The law they passed initially lowered taxes for most Americans, but it built in automatic, stepped tax increases every two years that begin in 2021 and that by 2027 would affect nearly everyone but people at the top of the economic hierarchy. All taxpayer income groups with incomes of $75,000 and under — that’s about 65 percent of taxpayers — will face a higher tax rate in 2027 than in 2019.”
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November 21, 2020 at 12:38 AM #380077
I just will be astonished if the Democrats/Biden fix this.
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