Post by M. Hawbaker on Mar 11, 2021 4:06:27 GMT
Democrats are getting an early start on their tax-increase agenda.
They’ve tucked a trio of little-noticed tax hikes on the wealthy and big corporations into their coronavirus relief package that together are worth $60 billion.
One takes away deductions for publicly traded companies that pay top employees more than $1 million. Another provision cracks down on how multinational corporations do their taxes. A third targets how owners of unincorporated businesses account for their losses.
They’ve tucked a trio of little-noticed tax hikes on the wealthy and big corporations into their coronavirus relief package that together are worth $60 billion.
One takes away deductions for publicly traded companies that pay top employees more than $1 million. Another provision cracks down on how multinational corporations do their taxes. A third targets how owners of unincorporated businesses account for their losses.
Since the provisions were added late in the legislative process, lobbyists didn’t have much time to rouse opposition to the plans.
“Everybody was caught by surprise,” said a former Democratic aide. “They picked obscure items — things that were not on the radar.”
“Everybody was caught by surprise,” said a former Democratic aide. “They picked obscure items — things that were not on the radar.”
Did you catch these comments in the article?