Poof, $650bn gift to large companies is ‘modest’ tax reform


From NBC News here:

The infrastructure package, likely paid for with some modest tax reform, is at the top of Clinton’s priority list because it is widely seen in both parties as one of the few issues on which Republicans might be willing to work with a President Clinton.

This ‘modest’ tax reform is bringing profits stashed overseas by large American companies.  Right now the approximate total of untaxed profits is $2.5 trillion.

If paid out at the current tax rate that would be $875 billion.

And at the rate that large American companies want it (and what this article is called ‘modest’ tax reform) that would be $125 bn.

That’s a $650bn gift to American companies and I don’t consider that to be a modest number at all.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s