President Joe Biden proposed raising corporate tax rates from lower rates enacted under the 2017 Tax Cuts and Jobs Act.
Biden proposes raising corporate tax rates
March 08, 2024 / By ICBA
President Joe Biden proposed raising corporate tax rates from lower rates enacted under the 2017 Tax Cuts and Jobs Act.
President Joe Biden proposed raising corporate tax rates from lower rates enacted under the 2017 Tax Cuts and Jobs Act.
Details: In a fact sheet released ahead of his State of the Union address, Biden proposed:
Raising the corporate tax rate to 28% and the corporate minimum tax to 21%.
Applying the 21% minimum rate on multinational corporations.
Denying corporations a tax deduction when they pay over $1 million to any employee.
Quadrupling the stock buyback tax from 1% to 4%.
Eliminating a tax break for corporate jets.
ICBA View: ICBA has repeatedly advocated against any tax increases that would directly target community banks and strongly supports legislation that would make permanent the 20% Section 199A deduction for small and individually owned businesses.
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