The new Democrat proposal for a massive corporate minimum tax is beginning to surface. Some peg the cost of the new tax as high as a half billion dollars or more. Although details are sketchy here is what it is looking like:
– It taxes all sorts of business scenarios so that government will not lose any money when companies do not make profits.
– It models itself after New Hampshire tax structure.
– They are calling part of it a “business protection fee”. How you protect business by taxing them is beyond me.
– Just like they tied the tobacco tax to children’s health care and the car tax to state troopers, they are trying to tie this tax to pork projects for our colleges, head start, and death tax relief for only “targeted” estate taxpayers such farmers and foresters.
– They also want to use the new rush of tax dollars to then hand it back to businesses in the forms of tax credits to show how generous and compassionate the politicians are by giving back what they took. The politicians aim these tax credits for only businesses that spend money in the way that politicians think is best.