Proposed 'Book Tax' Puts Burden on U.S. Manufacturers | Hacker News Reader

Proposed 'Book Tax' Puts Burden on U.S. Manufacturers

industryweek.com

19 pointsmaxwell14 comments

They will be fine, they find money for buybacks during pandemic recovery, they will find for a minimum 15% tax.

Us, the individuals we spit out on average 23% on income taxes in the US, and we also have to buy diapers.

I haven't read much about this and article didn't say, but won't this impact smaller businesses who don't do stock buybacks, assuming they even have stock?

Small businesses are taxed at 21% on a federal level + state taxes, so this law does not affect them.

It’s about the big fish who hire tax optimization firms to cook their books on a global scale.

Can you put that guarantee for my small business into the law?

The proposal applies to companies with a book profit of over $1 billion[1]. Does your small business have more than a billion in profit each year?

[1] https://www.pwc.com/us/en/services/tax/library/corporate-boo...

Thank you for the information.

The point of the article is that US manufacturers in particular will be negatively affected. More so than tech or service industries for example. The reason being that manufactures often have low rates because of accelerated depreciation of investments in capital expenditures (factories and upgrades). The law as it exists today is intentional, and is designed to encourage investment in US manufacturing, this new proposal goes directly against that.

> we also have to buy diapers.

"In the 1950’s nearly 100 percent of babies wore cloth diapers and were potty trained before they hit 18 months. Today, over 90 percent of babies wear disposable diapers and only around 10 percent complete potty training by 18 months."

https://pottygenius.com/blogs/blog/the-history-of-potty-trai...

More evidence they are either grossly incompetent or attempting to destroy the US economically. Take your pick.

You will own nothing and you will be happy. (tm)

I would love to learn more from a neutral source.

Here's the analysis by Congress's Joint Committee on Taxation:

https://www.finance.senate.gov/imo/media/doc/jct_analysis_bo...

I'm at the point where the news is too much and I instead read it like Netflix caption:

"In this episode of the 117th season of the United States Congress, the D's stick it to manufacturing during the annual Lobbying Hunger Games. Meanwhile, the economy slips into recession and new war rumors surface in the world's manufacturing capital of China."

Don't take all PR statements at face value.

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