Last Updated:
01/07/23 3:16PM
Status:
Complete
If You Can Do Better Corporate Tax Trial
2-year trial in which companies can opt-in to manage 5% of their corporate tax amount towards community-based spending.
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Four-year trial in which companies can opt-in to manage 5% of their corporate taxes for community-oriented projects. Some examples of this would be parks, hiking trails, food banks, unaffiliated nonprofits, affordable housing, high school partnership programs, homeless shelters, nature preservation, etc. All expenses will be verified by a new department created under the proposal.
This proposal will also include a federally imposed minimum effective tax rate of 15%, instead of focusing on raising rates, it will be a greater service to the small and mid-sized businesses of the country to not be punished by raising tax rates but instead making those that are not paying there fair share pay up.
Reverse the Tax Cuts and Jobs Act flat tax structure for a graduated corporate tax structure again.
The new 1% excise tax on corporate stock buybacks will be reduced to 0.5% allowing the other 0.5% to be managed for community-oriented projects.
