Sinema supports the corporate minimum tax proposal

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Senator Kyrsten SinemaKyrsten Sinema With extreme gerrymanders locked down, Biden must make preserving democracy a job Five reasons Biden, GOP to be grateful for this season Five Senate Democrats have reportedly opposed Biden’s banking candidate MORE (D-Arizona) has expressed support for a proposed minimum corporate income tax as his party views the measure as a potential revenue stream for its sweeping social spending plan.

“This proposal represents a common sense step in ensuring that highly profitable companies – which can sometimes avoid the current corporate tax rate – pay a reasonable minimum tax on their profits, just as the people of the country do every day. “Arizona and Arizona small businesses,” Sinema said in a statement. Tuesday.

The senator added that she looked forward to continuing talks “with the White House and colleagues to expand economic opportunities, maintain the economic competitiveness of the United States and help Arizona families move forward.”

A group of senators unveiled the legislative text of the proposal on Tuesday afternoon. Under the proposal, a minimum tax of 15 percent would be applied to corporate profits reported in financial statements.

Nearly 200 billion-dollar companies would be subject to tax under the legislation, senators said.

The legislation comes after Sinema opposed another Democrat-backed proposal to offset the costs of the party’s spending program that involved raising tax rates for corporations and high-income individuals.

Democrats wanted to use the revenue generated by the measure to help fund investments for universal pre-K, paid family and medical leave, tuition-free community colleges, and efforts to tackle climate change, among others. programs of their massive spending plan.

But a number of popular proposals have either been removed from the bill altogether or will be drastically reduced as the party cuts costs following Sinema and Sen’s rejection. Joe manchinJoe Manchin With extreme gerrymanders locked in, Biden must make preserving democracy a job of one Five Reasons Biden, the GOP to be thankful this season, White House seeks to curb gas prices ahead of season loaded trips PLUS (D W.Va.) on the proposed price of $ 3.5 trillion.

The party hopes to pass the bill using a process called reconciliation, which will allow it to move it through the Senate with a simple majority and, therefore, bypass Republican obstruction. But that means the party will need the vote of all Democrats in the Senate, which means any senator could defeat the bill.

This allowed Sinema and Manchin to draw red lines around a number of issues and forced Democrats to rethink their tax proposal in the face of Sinema’s opposition.

The party is working quickly to reach agreement this week on a comprehensive framework for the spending bill, which Democratic leaders hope will pave the way for the House to pass a bipartisan infrastructure bill.

President BidenJoe BidenSouth African Minister of Health Calls Travel Bans Over New COVID Variant Unjustified Biden Attends Tree Lighting Ceremony After Day in Nantucket Senior US Diplomat Visiting Southeast Asia to “reaffirm” the PLUS relationships said he hoped Democrats would reach agreement on the bills, which are at the heart of his economic agenda, before he leaves later this week for two world summits in Europe.



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