Maine’s two largest publicly traded companies say they have benefited substantially from the year-old corporate federal income tax cut, but a third public company in the state says the tax cut actually will hurt its bottom line in the short term. The corporate tax cut, passed by Congress in late 2017, also has boosted Maine state tax revenue by an estimated $30 million, according to a state tax official. The boost is likely the result of increased profits and a mandated repatriation of net income generated offshore, he said.The Republican-led Congress approved the Tax Cuts and Jobs Act in December 2017, which overhauled the U.S. income tax code with changes for individuals and businesses, including a reduction in the corporate income tax rate from 35 percent to 21 percent. Supporters of the tax cut said it was necessary to make U.S. companies more competitive in a global market where businesses in many other countries pay far less in corporate taxes. Critics noted that there is … [Read more...] about Corporate tax cuts a boon to some Maine companies
Corporate tax reduction
Paul Egan Detroit Free Press Published 10:11 p.m. UTC Jun 5, 2018 LANSING – It could be Michigan’s next big corporate tax cut. And the latest blow to funding for local governments. A bill reported out of a Senate committee Tuesday would exempt Michigan utilities from personal property taxes on their transmission lines and pipelines — a change the Senate Fiscal Agency estimates could cost local governments $576.3 million annually within 10 years. The bill's sponsor, Sen. John Proos, R-St. Joseph, says it would help protect Michigan electricity customers from higher rates as Consumers Energy and DTE spend hundreds of millions of dollars to upgrade their infrastructure and improve reliability. Local governments — already struggling to stay afloat because of reduced state revenue sharing over time and property tax revenues that haven't recovered from real estate values that plunged during the last recession — say the bill as written … [Read more...] about The next big corporate tax cut? Senate panel OKs big break for utilities
While most of Missouri was properly focused on the scandals surrounding Gov. Eric Greitens this year, the state legislature quietly continued its assault on workers and wage earners in favor of corporate interests.You may have heard, for example, that lawmakers voted to cut individual income tax rates in Missouri. Less noticed was a bill slashing the corporate tax rate from 6.25 percent to 4 percent.Supporters insist the corporate tax cuts will bring jobs and businesses to Missouri. There is no evidence that will be the case. Instead, businesses are likely to put the extra cash in the pockets of owners and investors, while needed state programs run short of funds.The damage will become evident when the tax cut takes effect in 2020. But voters should be clear: The reduction is just one part of an effort to sublimate the interests of workers to corporations:▪ Legislators dismantled much of the merit system, which is designed to protect state employees from improper political … [Read more...] about EDITORIAL: Missouri lawmakers gave corporations tax cuts and more. But what about workers?
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Democracy Dies in Darkness Sections Home Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader Wonkblog by Jeff Stein by Jeff Stein Email the author May 2 at 3:29 PM Email the author Florida Sen. Marco Rubio praised the Republican tax cuts but said they could have been done better. (Wilfredo Lee/AP) Sen. Marco Rubio (R-Fla.) on Wednesday launched a fresh attack on Republicans' corporate tax cuts, but this time, he couched the criticisms in broader praise of the GOP tax law overall. Writing in the conservative National Review, Rubio reiterated his skepticism that the corporate tax cuts alone would deliver large-scale benefits to workers — building out his comments from last week … [Read more...] about Rubio again criticizes corporate tax cuts, but this time with a GOP-friendly twist