Woke corporations backed Biden in the 2020 election campaign. They even penalized Texas and Georgia for passing voter integrity laws. Now,...
Woke corporations backed Biden in the 2020 election campaign.
They even penalized Texas and Georgia for passing voter integrity laws.
Now, woke corporations are getting the effects of a Biden presidency — good and hard.
Recently, the Biden administration found a way to raise taxes on multinational corporations without Congress.
The Biden administration recently bypassed Congress in raising taxes on multinational corporations.
That’s the contention of the Tax Foundation. A paper, “A Regulatory Tax Hike on U.S. Multinationals,” explains the changes in tax credits for multinational companies that reduce deductions and credits.
The tax increase came recently through action by the U.S. Treasury, and IRS in establishing new foreign tax credit (FTC) rules, the Tax Foundation wrote.
“The foreign tax credit regulations released at the beginning of the year,” according to the paper, “represent a tax hike for many U.S. companies that earn profits from customers abroad. While the initial motivation for revising FTC rules was the adoption of digital services taxes (DSTs) in foreign jurisdictions, the final rules have impacts well beyond the DSTs.”
“The new rules will lead to double taxation of U.S. companies and put them at a competitive disadvantage in some foreign markets,” according to the Tax Foundation.
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