Global Minimum Corporate Tax Faces Strong Opposition

Ahead Of The G-7 Summit In The United Kingdom, A Recently Announced Agreement For A Global Minimum Corporate Tax Between The Biden Administration And Six Other Leading World Economies Is Facing Sharp Opposition From Republicans In The U.S.

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Texas Attorney General Sues Biden Over Dictating State Tax Policy

Texas Attorney General Ken Paxton Has Filed His Ninth Lawsuit Against The Biden Administration, This Time Over A Provision In The Federal Government’s American Rescue Plan Act That States That To Receive The Funds, States Cannot Use Them To “Directly Or Indirectly” Offset Tax Revenue By Cutting Taxes.

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American Rescue Plan Gives States Money But Ties Their Hands

For State Governments, The Good News Is That The American Rescue Plan Recently Signed By President Joe Biden Will Inject $350 Billion Into Their Budgets. The Bad News Is That It Places Unwise And Possibly Unconstitutional Limitations On How States Can Use The Money.

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Biden’s Tax Increases Would Kill 1 Million Jobs In Two Years

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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Tennessee And Kentucky File Lawsuit Against Biden Administration

Attorneys General From Kentucky And Tennessee Have Come Together To File A Lawsuit Against The Biden Administration. The Lawsuit Claims That A Tax Mandate In The American Rescue Plan Is Unconstitutional And Takes Authority Over From State Legislators.

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21 Attorneys General Fear American Rescue Plan Could Hijack State Tax Policy

The Attorneys General Sent A Letter This Week To Treasury Secretary To Confirm That Provisions In The American Rescue Plan Do Not Attempt To Strip States Of Their Sovereign Authority. They Argue Language In The Act Is Too Broad And Could Be Interpreted As A Blanket Policy.

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