Big Tech and corporate tax cuts: the targets of Joe Biden's urgent economic plans

0
53

Biden plans to push through aid stimulus amid the pandemic, undo Trump’s corporate tax cuts, and crack down on big tech

If current trends continue and Joe Biden enters the White House on 20 January, he will face arguably the biggest set of challenges a president has had to tackle since the end of the second world war. The coronavirus is raging through the US, millions of Americans are still losing their jobs each month, and the climate crisis – ignored by the Trump administration – is deepening.

Biden has set out his economic and policy plans but without control of the Senate he may struggle to realise them. Official GDP figures for the third quarter showed the size of the economy was still almost 4% below its previous peak despite a 7.4% recovery from the spring lockdown.

Ensuring the US achieves a 100% clean energy economy by 2035 and reaches net-zero emissions no later than 2050.

Overhauling US infrastructure to ensure that buildings, water, transportation and energy infrastructure can withstand the impacts of climate change.

Rejoining the Paris agreement on climate change and rallying world leaders to address the issue.

Tackling polluters and others whose actions have disproportionately affected low-income communities and people of color.

Related: ‘Almost every household has someone that has died from cancer’

Raise the corporate tax rate to 28%, from 21%.

Impose a minimum tax on all foreign earnings of US companies located overseas in an attempt to stop the use of foreign tax havens.

Penalize corporations that ship jobs overseas.

Raise the top individual income rate back to 39.6% and force those making more than $1m a year to pay the same rate on investment income that they do on their wages.

Only increase taxes on those earning over $400,000 a year.

Yeah, i don’t want to be 20cent. 62% is a very, very,bad idea. i don’t like it ! #abcforlife nov 18 #starzgettheapp pic.twitter.com/y9TsSs0o6Q

We can’t allow the Good Friday Agreement that brought peace to Northern Ireland to become a casualty of Brexit.

Any trade deal between the U.S. and U.K. must be contingent upon respect for the Agreement and preventing the return of a hard border. Period. https://t.co/Ecu9jPrcHL

Continue reading…

LEAVE A REPLY

Please enter your comment!
Please enter your name here