Business & Investment

Lymond says CEOs are more rational in terms of taxes than lobbyists

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Secretary of Commerce Gina Raimondo made a new proposal for President Joe Biden’s corporate tax hike plan, and the tax cuts haven’t had a significant impact, she personally talks about taxes. It’s much more rational. ” We are actively lobbying for the increase.

“We haven’t had the serious discussion that people would say if there was a tax increase, it would be a catastrophe,” Lymond said in a conversation with the CEO. “It is widely recognized that if the rate exceeds 21%, they are okay.”

Former President Donald Trump’s reduction of the maximum corporate tax rate from 35% to 21% did not significantly increase innovation and R & D spending by U.S. companies, Lymond said at a roundtable meeting prior to his September 28 speech. I told reporters. She explains the agency’s priorities.

Most likely home Vote for a bipartisan infrastructure bill with new spending of $ 550 billion on September 30.. Parliamentarians are also arguing for larger tax and spending measures to carry out much of Biden’s national plan, which could be less than $ 3.5 trillion allowed by a budget resolution being undertaken by the Democratic Party. ..

The White House is trying to unify Democratic members who are still arguing over how to pay price tags and social spending plans. Industry groups such as the US Chamber of Commerce are fighting the bill’s tax increase and urging lawmakers to support it.

Mr Lymond said he had little sympathy for lawmakers complaining about the possibility of political backlash from the vote.

“When a parliamentarian said,’It’s politically difficult for me,’ I’m never personally sympathetic,” she said. “It’s time for Congressmen to do the right thing, take these votes, and make it happen. For me, doing the right thing for America and facing tough elections is a badge of honor.”

Lymond was one of the members of the Biden Cabinet, which was tasked with negotiating infrastructure packages that passed the Senate in August. She gave the first major overview of her agenda on US competitiveness at the Washington Economic Club, where she trained and worked in line with the president’s focus on worker prioritization. More emphasis will be placed on domestic issues such as power development.

According to her draft speech, her department is also focused on diversifying the supply chain and revitalizing the manufacturing industry, investing in the production of local microchips through the $ 52 billion CHIPS Act. The emphasis is on.

Commerce also said she was preparing to invest $ 10 billion in technology hubs across the country when the House of Representatives passed a version of US innovation and competition law.

Secretary of Commerce Gina Raimondo

International themes such as export promotion and trade negotiations are important, but she doesn’t want it to be her legacy, Lymond said.

On September 29, Lymond will co-sponsor the first meeting of the US EU Trade Technology Council in Pittsburgh. This is a test of the diplomatic efforts of the Biden administration to work with its allies against its joint competitor, China.

She said she hopes that both sides will “make significant progress” on issues such as export control, a policy aimed at separating Beijing from key technologies.

“One-sided export control is not effective,” she said. “The right way to do this is to work with our allies, narrow down the list of items that we really want to deny the Chinese, and join hands with our allies so that we are on the same page.”

Lymond also plans to work hard to increase market access for American companies in China, and once the COVID-19 restrictions are relaxed, she will travel there with the US CEO.

“There’s no point in talking about decoupling,” she said. “We need to understand how to carry out serious and ongoing commercial activities between the two countries without compromising national security.”

She spoke with Wang Wentao of China in June and said she now wants to get involved with Beijing after various efforts in the dialogue between the Biden administration and the Chinese have proved unsuccessful.

“If anything, I’m more inclined,” she said. “More dialogue is better.”

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Lymond says CEOs are more rational in terms of taxes than lobbyists Lymond says CEOs are more rational in terms of taxes than lobbyists

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