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Some simple truths about the taxes corporations pay and Biden s proposal blow the whistle on them

Hedrick Smith [Editor’s note: The following essay was written by former New York Times Washington, DC bureau chief, frequent NC Policy Watch contributor and all-around legendary journalist, Hedrick Smith. It originally appeared on Smith’s own website, Reclaim the American Dream.] WASHINGTON – Okay, let’s talk turkey about taxes and their implication for U.S. economic growth and inequality. But let’s get real. Let’s get beyond the political kabuki dance in Washington, with politicians echoing well-rehearsed lines. That means focusing on real-world economics. Discovery No. 1 one is that almost no major U.S. corporation, certainly not those that do business overseas, actually pays the 21% corporate tax rate, set by law. In fact, on average, Fortune 500 companies pay about half that much – 11.3% according to the non-profit Institute for Taxation and Economic Policy and Taxation, working from corporate reports.

Paschal Donohoe defends Ireland s corporation tax rate after US treasury secretary s remarks

Paschal Donohoe defends Ireland s corporation tax rate after US treasury secretary s remarks Ireland’s budget deficit increased by nearly €4.2 billion in the first quarter of 2021. By Ian Curran Tuesday 6 Apr 2021, 6:38 PM 2 hours ago 13,843 Views 17 Comments PASCHAL DONOHOE HAS said he does not believe Ireland’s low rate of corporation tax has played a role in driving down corporate tax rates globally. The minister for finance was speaking to reporters upon the publication of exchequer tax and spending returns for the first three months of 2021, which revealed a deficit of €4.172 billion. Tax receipts generally were up 1% from the same period last year but so was government spending. In the past three months, spending increased by 14% or €2.5 billion to €19.5 billion compared with the first quarter of 2020.

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