This admin is a giant steaming pile of 💩.
I wonder who will end up paying for the massive tax increases on these companies? Biden's new minimum tax could hit Amazon, Berkshire Hathaway the hardest, study shows
Warren Buffett's Berkshire Hathaway led the way with $8.33 billion owed, followed by Jeff Bezos' Amazon with $2.77 billion owed, based on their 2021 earnings. Other companies that would have paid more than $1 billion in tax are Ford Motor ($1.85 billion), AT&T ($1.55 billion), eBay ($1.33 billion) and Covid-19 vaccine maker Moderna ($1.22 billion).
The coal industry would face the heaviest burden under the book tax minimum, seeing a net tax hike of 7.2% of its pre-tax book income. That would be followed by automobile and truck manufacturing, which faces a 5.1% tax hike.
In dollar terms, the industries that would account for the largest book minimum tax liabilities are utilities ($43.3 billion) and communication ($30.6 billion).
I hate these good for nothing swindlers
Fixing what Donald Trump and the Republicans broke isn’t an overnight, wave your magic wand operation. It is a skilled, sustained effort that will take time and money to succeed, money we wouldn’t have had to spend but for the disaster caused and exacerbated by Trump and Republicans. Fixing what Republicans broke isn’t free. It wasn’t free in the ‘90s when it was ‘the economy, stupid.’ It wasn’t free after the Bush Great Recession. It isn’t free to fix the Trump Error.