{"id":1096694,"date":"2021-12-07T22:44:11","date_gmt":"2021-12-08T03:44:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1096694"},"modified":"2021-12-07T22:44:13","modified_gmt":"2021-12-08T03:44:13","slug":"elizabeth-warren-argues-for-new-corporate-tax-to-fund-bidens-build-back-better-agenda","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warren-argues-for-new-corporate-tax-to-fund-bidens-build-back-better-agenda\/","title":{"rendered":"Elizabeth Warren Argues For New Corporate Tax To Fund Biden\u2019s \u2018Build Back Better Agenda\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felizabeth-warren-argues-for-new-corporate-tax-to-fund-bidens-build-back-better-agenda%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1096694&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Sen. Elizabeth Warren (D-MA) is proposing a 15% minimum tax for corporations earning over $1 billion in profits.<\/p>\n<p>A <a href=\"https:\/\/www.warren.senate.gov\/imo\/media\/doc\/CPMT%20Report_11.16.21.pdf\">report<\/a> from the progressive lawmaker\u2019s office argued that large companies have \u201crigged\u201d the tax code, permitting armies of accountants to avoid paying federal taxes:<\/p>\n<p>In 2020, DISH Network \u2014 one of the most profitable companies in the United States \u2014 reported $2.6 billion in global profits and paid their founder and chairman almost $95 million. But the company paid no federal income tax and even received a $231 million tax refund from the U.S. government. That same year, the massive defense conglomerate Northrop Grumman made $3.7 billion. Its effective tax rate? 6.7% \u2014 less than one-third of the statutory corporate tax rate of 21%.<\/p>\n<p>The \u201cCorporate Profits Minimum Tax\u201d would therefore channel profits toward the Biden administration\u2019s domestic agenda:<\/p>\n<p>In addition to making our tax code fairer, the CPMT will generate $319 billion over the next decade to invest in the American economy and support America\u2019s workers and families. The CPMT is a core component of President Biden\u2019s Build Back Better agenda, and requiring these companies to pay their fair share in taxes will help fund transformative investments in our country: universal pre-K, child-care, paid leave, tax credits for families, expanded Medicare coverage, and more.<\/p>\n<p>Among the 70 eligible companies identified by the report are Amazon, Apple, Bank of America, Facebook, Google, Microsoft, Nvidia, PayPal, and Salesforce.&nbsp;<\/p>\n<p>During The Wall Street Journal\u2019s CEO Council Summit, Tesla and SpaceX chief executive Elon Musk <a href=\"https:\/\/www.dailywire.com\/news\/elon-musk-government-is-simply-the-biggest-corporation-with-the-monopoly-on-violence\">presented<\/a> the opposite view \u2014 that the government is incapable of effectively using resources toward productive ends.<\/p>\n<p>\u201cIt does not make sense to take the job of capital allocation away from people who have demonstrated great skill in capital allocation, and give it to an entity that has demonstrated very poor skill in capital allocation, which is the government,\u201d he commented. \u201cGovernment is simply the biggest corporation, with the monopoly on violence.\u201d&nbsp;<\/p>\n<p>Earlier in the summit, Musk explained that the Senate should not pass the Build Back Better Act \u2014 the pending $1.75 trillion bill mentioned by Warren.&nbsp;<\/p>\n<p>\u201cI would say can this bill, don\u2019t pass it. That\u2019s my recommendation,\u201d <a href=\"https:\/\/www.dailywire.com\/news\/elon-musk-trashes-bidens-build-back-better-plan-can-this-bill-dont-pass-it\">argued<\/a> Musk. \u201cIf this bill happens or doesn\u2019t happen, we don\u2019t think about it at all really. Honestly it might be better if the bill doesn\u2019t pass.\u201d<\/p>\n<p>The Build Back Better Act also incorporates $80 billion in funding for the Internal Revenue Service \u2014 which includes the hiring of 87,000 more IRS agents and more than 1.2 million new federal tax audits each year. A report from Republican members of the House Ways &amp; Means Committee <a href=\"https:\/\/www.dailywire.com\/news\/americans-twice-as-likely-to-experience-irs-audits-thanks-to-biden-spending-plan\">notes<\/a> that Americans would therefore be twice as likely to experience IRS audits should the provision become law.<\/p>\n<p>\u201cNearly half of these audits \u2014 over 583,000 \u2014 would be on Americans making up to $75,000 a year,\u201d says the report. \u201cEven the lowest income Americans would see more audits with a quarter of these audits \u2014 over 313,000 \u2014 hitting Americans making up to $25,000 per year. This also will mean more than 800,000 more federal tax liens on taxpayer property such as homes and vehicles.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sen. Elizabeth Warren (D-MA) is proposing a 15% minimum tax for corporations earning over $1 billion in profits.A report from the progressive lawmaker\u2019s office argued that large companies have \u201crigged\u201d the tax code, permitting armies of accountants to avoid paying federal taxes:In 2020, DISH Network \u2014 one of the most profitable companies in the United States \u2014 reported $2.6 billion in global profits and paid their founder and chairman almost $95 million. But the company paid no federal income tax and even received a $231 million tax refund from the U.S. government. That same year, the massive defense conglomerate Northrop Grumman made $3.7 billion. Its effective tax rate? 6.7% \u2014 less than one-third of the statutory corporate tax rate of 21%.The \u201cCorporate Profits Minimum Tax\u201d would therefore channel profits toward the Biden administration\u2019s domestic agenda:In addition to making our tax code fairer, the CPMT will generate $319 billion over the next decade to invest in the American economy and support America\u2019s workers and families. The CPMT is a core component of President Biden\u2019s Build Back Better agenda, and requiring these companies to pay their fair share in taxes will help fund transformative investments in our country: universal pre-K, child-care, paid leave, tax credits for families, expanded Medicare coverage, and more.Among the 70 eligible companies identified by the report are Amazon, Apple, Bank of America, Facebook, Google, Microsoft, Nvidia, PayPal, and Salesforce.\u00a0During The Wall Street Journal\u2019s CEO Council Summit, Tesla and SpaceX chief executive Elon Musk presented the opposite view \u2014 that the government is incapable of effectively using resources toward productive ends.\u201cIt does not make sense to take the job of capital allocation away from people who have demonstrated great skill in capital allocation, and give it to an entity that has demonstrated very poor skill in capital allocation, which is the government,\u201d he commented. \u201cGovernment is simply the biggest corporation, with the monopoly on violence.\u201d\u00a0Earlier in the summit, Musk explained that the Senate should not pass the Build Back Better Act \u2014 the pending $1.75 trillion bill mentioned by Warren.\u00a0\u201cI would say can this bill, don\u2019t pass it. That\u2019s my recommendation,\u201d argued Musk. \u201cIf this bill happens or doesn\u2019t happen, we don\u2019t think about it at all really. Honestly it might be better if the bill doesn\u2019t pass.\u201dThe Build Back Better Act also incorporates $80 billion in funding for the Internal Revenue Service \u2014 which includes the hiring of 87,000 more IRS agents and more than 1.2 million new federal tax audits each year. A report from Republican members of the House Ways &#038; Means Committee notes that Americans would therefore be twice as likely to experience IRS audits should the provision become law.\u201cNearly half of these audits \u2014 over 583,000 \u2014 would be on Americans making up to $75,000 a year,\u201d says the report. \u201cEven the lowest income Americans would see more audits with a quarter of these audits \u2014 over 313,000 \u2014 hitting Americans making up to $25,000 per year. This also will mean more than 800,000 more federal tax liens on taxpayer property such as homes and vehicles.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1096694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1096694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1096694"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1096694\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1096694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1096694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1096694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}