Tennessee Conservative
Newly Released Economic Data Show The Economy Is Experiencing Accelerated Growth, Potentially Signaling A Rebound From The Economic Downturn Caused By The Pandemic, But Critics Warn Proposed Tax Hikes Could Stifle That Growth.
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Tennessee’s Average Tax Refund Ranks As The 19th Highest Among All 50 States And Is Lower Than The Average Refund Amount Of $3,709 Nationwide. This Figure Includes Not Just Personal Income Tax Returns, But Also Corporate Taxes, Estate Taxes, And More.
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Biden Has Proposed Increasing The Corporate Tax Rate From 21% To 28%, Reinstating The Corporate Alternative Minimum Tax, Increasing The Top Individual Tax Rate, And Amending Several Other Aspects Of The Tax Code.
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Part Of A New Economic Policy Initiative By Tim Burchett Is The Opportunity Zone Extension Act Of 2021, Which Would Add Two Years To The Current Opportunity Zones Program, Giving More Time For Investment In Communities Impacted By The Coronavirus Pandemic.
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The “Made In America Tax Plan,” Focuses On Raising Taxes On Corporations And Preventing Them From Moving Profits Overseas. The Plan Claims To Raise $2.5 Trillion Over 15 Years But the Tax Hike Has Raised Concerns From Economists, Republicans And Some Democrats.
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Biden Has Unveiled a $2 Trillion Infrastructure Spending Proposal Called The “Build Back Better” Plan Labeled A “Liberal Wish List” By Some, While Others Say Plan Does Not Have A High-Enough Dollar Amount.
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President Joe Biden Is Planning The First Major Federal Tax Hike In Nearly 30 Years. Biden Has Not Released The Full Tax Plan, But Sources Say Proposed Changes Would Raise Taxes, Including The Corporate Tax Rate, To Help Fund An Anticipated Several Trillion Dollars In Additional Federal Spending.
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Tennessee Finished 18th In a New Study By The Tax Foundation showing Which States Are Best At Structuring Their Tax Systems.
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More New Taxes.
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Biden has proposed $4 trillion in tax increases on American families and businesses. While Biden touts his tax hike plan as a way to ensure corporations “pay their fair share,” the proposal will harm the U.S. economy at a time that it is recovering from the coronavirus pandemic. These tax hikes will make America a more uncompetitive place to do business, send jobs overseas, trigger a return of corporate inversions, and make it easier for foreign businesses to acquire U.S. companies.
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