According to The Washington Post, it’s not yet clear whether Trump’s own hotels would benefit from the proposed tax deferment to mitigate the economic fallout from the coronavirus, but White House officials don’t appear to be ruling it out.
The solution to stem an annual estimated loss of $100 billion in tax revenue is for Congress to end the "deferral" loophole and make these companies just pay the taxes they owe.
Corporations owe taxes on the $2 trillion of profits these companies have already made. We could let corporations keep the money – or use it to give ordinary Americans a $2,000 check.
Corporate tax rates used to top out at 52.8 percent. They are now 35 percent. Now they want rates lowered even more. But are corporate tax rates really "uncompetitive?"
Corporations currently owe up to $700 billion in unpaid, “deferred” taxes. Congress can make them pay, or let them off the hook. Guess which choice Congress is about to make.
Here is one thing Congress could do that would create more jobs, boost the economy and reduce both the budget deficit and the trade deficit. It would provide a big boost now, and an ongoing boost from now on.