It is critical that we work towards fairness by ensuring that everyone, at home and abroad, plays by the same rules and pays their fair share.
Work to ensure that everyone, including actors at home and abroad, plays by the same rules and pays their fair share.
Occurrences
Instead, our goal should be a level playing field that treats everyone fairly, and that includes cracking down on unfair practices, such as unreasonable market barriers and Intellectual Property theft, that often break China’s commitments to us and the rest of the world.
Evidence
Vote 323 was on H.R. 1, the Tax Cuts and Jobs Act. The motion was agreed to 51-48. The roll call lists Booker (D-NJ), Nay.
Congress.gov states H.R. 1 became Public Law No. 115-97 on 12/22/2017. Its summary says it reduced tax rates and, in section 13001, reduced the corporate tax rate from a maximum of 35% to a flat 21%.
Vote 325 was on passage of H.R. 5376, as amended. The bill passed 50-50 with the Vice President voting yea. The roll call lists Booker (D-NJ), Yea.
Congress.gov states H.R. 5376 became Public Law No. 117-169 on 08/16/2022. The public-law summary says section 10101 imposes a 15% alternative minimum tax on domestic corporations with average annual adjusted financial statement income exceeding $1 billion, and section 10301 provides additional IRS funding for taxpayer services and enforcement.
Public Law 117-169, section 10101, provides that for an applicable corporation the tentative minimum tax is 15 percent of adjusted financial statement income over the corporate AMT foreign tax credit. The law defines applicable corporations using a $1 billion average annual income test and includes special rules for foreign-parented multinational groups.
The IRS announced that, as part of Inflation Reduction Act compliance efforts, it surpassed $1 billion in collections from high-wealth taxpayers with past-due taxes. It said IRA resources support enforcement involving complex partnerships, large corporations, and high-income, high-wealth individuals.
Assessments
Booker did not secure this outcome during the 2015-2021 term won in the 2014 Senate election; the major same-term tax law, the 2017 Tax Cuts and Jobs Act, moved against the promise by lowering corporate tax rates despite his no vote. In a later Senate term, he voted for the Inflation Reduction Act, which enacted a 15% corporate minimum tax for large corporations and funded IRS enforcement against high-wealth taxpayers, partnerships, and large corporations. That materially advanced the fair-share goal, but it was limited rather than ensuring everyone at home and abroad plays by the same rules, so partial credit is appropriate.