While negotiations in Washington, D.C. continue over tax rates, it looks increasingly unlikely Senate Democrats will have the votes to raise the C-Corporation rate from 21% to at least 25%, as planned.
After World War II, Winston Churchill proclaimed, “Never a let a good crisis go to waste.” Many politicians in the U.S. adopted some form of that statement and even more regularly employ this practice to promote their own agendas.
You do not have to be a baseball fan to appreciate one of Yogi Berra’s “isms”: “It’s getting late early.” Nor do you have to be an elected Democrat sitting on Capitol Hill, or in the Oval Office for that matter, to know that the political party is facing significant deadlines in the coming week that affect trillions of dollars and millions of Americans.
Every Labor Day weekend, the current occupant of the Oval Office makes a speech about the importance of American workers and highlights their efforts to support the average family. Some use the opportunity to make new policy announcements.
On September 9, President Biden announced that he would direct OSHA to mandate employers with 100 or more workers to ensure their workforce is fully vaccinated or require any workers who remain unvaccinated to produce a negative test result on at least a weekly basis before coming to work.
If you had two weeks to decide how to spend $3.5 trillion, what would you do? That is the question lawmakers face as the U.S. House marches toward a self-imposed September 15 deadline to allocate a massive amount of spending to programs and projects across the country. Within this two-week time frame, tax writers must also decide on whom to raise those taxes and by how much.
The U.S. Congress is moving massive legislation investing possibly over $4 trillion in roads, bridges, ports and expanded social programs in two bills referred to as “hard infrastructure” and “human infrastructure.” This begs the question: Who pays the bill and when?
Now fully six months into his term in office, President Biden has made little actual change to many of the trade policies implemented by the previous administration that are still in place today. This leaves manufacturers wondering how to manage their supply chains in the coming months, what to anticipate from overseas import competition and whether to expect a new direction from this White House.
On Sunday evening, August 1, a group of 10 Senators comprised equally of five Republicans and Democrats released the 2,702-page Infrastructure Investment and Jobs Act, spending $1 trillion over eight years.