Biden presents tax reform to recover 2.5 trillion dollars | Economy

The President of the EU, Joe Biden, has unveiled these details of the details of the tax plan that will allow the financing of the two billion dollars in investments of its ambitious infrastructure plan, the second phase of its economic program to approve the package of estimates pandemic. The plan’s objective is to raise 2.5 trillion over the next 15 years by means of an increase in corporate tax, a minimum of 15% on tax-deductible benefits and encouraging large corporations to pay to repatriate their benefits.

The new taxation of Joe Biden’s Administration consists of three pillars. The first is the increase in corporate taxes, of the 21% actual -fruitment of the 2017 Donald Trump tax reform- to 28%, a percentage increase in points that are under embargo by 35% who have held the presidency of republican. The second is to adopt medium-sized energy companies against companies in other countries with a more favorable fiscal climate, such as the Bahamas or Ireland; is the case of multinational numbers, including large technological variants. In other words, increase taxes on extras in the foreign sector, while introducing a minimum effective rate of 15% on benefits after taxes declared in the consolidated results.

To put it bluntly, the Biden Administration finishes subsidies on fossil fuels and replacements for incentives for limping energy production, a consensus on the idea of ​​a sustainable and green economy, which definitively defines its political agenda .

The companies that are currently paying tribute will not be able to evade the payment of the state taxes on the companies that carry out extraneous subsidiaries. An information from the Department of Treasury states that it will oblige companies to repatriate billions of dollars in benefits during the next decade from abroad.

Facing the opposition of the big corporations, all the Republicans and including some Democratic legislators, Biden explained one of his recurring arguments to defend the impediment of taxes, “for which it is not acceptable that 91 of the 500 mayors corporations of the country pay cero in federal taxes in 2019 ”, challenging time and its critics to signal“ which parts of this package [fiscal] creen que no valen la pena ”. Biden has announced that he will meet next week with Vice President Kamala Harris, “with Republicans and Democrats,” to study the plan, and that he will be able to listen to the criticisms of the critical legislators, in “one” negation. , in view of the fact that he reiterated his promise not to include the taxes on estadounidenses that amount to less than 400,000 dollars a year.

“The debate is welcome; the compromise, inevitably, and the changes [a la propuesta presentada este miércoles], seguros ”, has signed the mandate in the speech of presentation of the tributary reform. Republicans tend to have Mayo finals before presenting candidates, Chris Coons, a Biden collaborator in the Senate.

One week ago, during the presentation of the infrastructure plan in Pittsburgh, Biden immediately contacted Amazon as one of the 91 companies he avoided during the federal tax year. Amazon’s response is that there is no hope, and this morning its founder and delegate, Jeff Bezos, said, successively, that technology defines “corporate growth”.

Following the last published publication, the Estadounidense Employee Plan – the number that officially receives the infrastructure plan, with the aim of creating millions of employees while modernizing the country with the support of 73% of voters, without distinction of ideologies (among the Republicans the 57% respond). Pero in the Congress, given the opposition to the plan is fierce, the Democrats must emulate to fund to compete with their political rivals, which the mayor criticizes for not giving the mayor part of his endowment for the modernization or construction of viarios projects such as carreteras . The President considers the guest’s priority to be to modernize the hydroelectric network – with special emphasis on remediating the pollution of many tubercles – and to guarantee equal access to the internet, even across rural areas.

Through Trump’s fiscal reform, in 2017 – the single legislative initiative called by its mandate -, federal incumbents by the taxpayer cayeron taxpayer. Between 2000 and 2017, it will be equivalent to 2% of GDP, in 2018 and 2019, at a rate of 1%, while the countries of the Organization for Economic Cooperation and Development (OECD) will be located in a media between 2.9% and 3.1% during the same year. While, the business benefits after taxes are related to the economy of the country. The figure is 5.4% of GDP in the period 1980-2000, up from 9.7% between 2005 and 2019.

” Nee hooi the minor evidence that demonstrates that the records [de Trump] af 2017 incrementaron el crecimiento o la productividad “, ha dicho este mèrcoles la secretari de Comercio, Gina Raimondo,“ y el hecho es que la corporatstruructure strut ist rota ”. The person in charge of Comercio is unacceptable in the front line of the plan on behalf of the Chamber of Commerce, the mayor of the country’s empress group, and others front porch economists, to those who are willing to negotiate and debate on the proposal of the White House.

In a tribune published today in the diary The Wall Street Journal, EUEEU Treasury Secretary Janet Yellen assured that the tax subsidy plan “is mutually beneficial” for countries and companies. “Tribute reform is not a game of total cero, with the companies in a barn and the Government in another. There are policies that are mutually beneficial, authentic wen-wen. “Washington has a neighbor now,” Yellen wrote.