Last month, Sena. Mark Warner published Overhauling International Taxation, a framework designed to ensure that big companies pay their fair share so that we can invest in jobs, health care, and other critical programs and services.
The plan proposed by Warner and Sen. Wyden of Oregon and Sen. Brown of Ohio builds on President Biden’s Made in America tax plan, which rewards companies for keeping jobs in the United States and investing in building prosperous economies. which is funded by a fairer tax law.
The Warner Plan reverses the provisions of the Trump Tax Act of 2017, which created new incentives for moving jobs overseas and allowing companies to avoid their fair share of taxes on offshore profits.
A huge giveaway for big corporations, Trump bill was drafted behind closed doors and rushed through Congress.
Ultimately, Trump’s Tax Cuts and Jobs Act (TJCA) gave $ 1.9 trillion in tax breaks, mostly for the rich and business, while cutting health care and other vital services.
Community members like me haven’t seen the benefits of these changes; Instead, we’ve watched the rich get richer as we struggle through a pandemic.
Senator Warner’s proposal is in line with President Biden’s plan to increase domestic corporate taxes from 21 percent to 28 percent, close corporate tax loopholes, and raise international corporate taxes to make them more consistent what companies in the US pay.