Analyst: Tax hike under Biden poses bigger threat to tech than antitrust hearings

Apple, Amazon, Facebook, and Alphabet are preparing for an antitrust hearing in the U.S. Congress on Wednesday, but the real threat facing the tech firms comes not from lawmakers now, but from higher taxes later if Joe Biden prevails against President Trump in November, according to one analyst.

Joe Biden
Joe Biden
Felice Maranz for Bloomberg:

“A public flogging is likely” when chief executives Jeff Bezos, Tim Cook, Mark Zuckerberg and Sundar Pichai testify before House members who “unabashedly say they want to break up the industry,” AGF Investments Chief U.S. Policy Strategist Greg Valliere wrote in a note. Valliere doubts, however, that tech companies will in fact be forced to split up.

Instead, he said that an “aggressive new minimum tax that could be enacted within a year” presents a more immediate threat to the industry.

Valliere added that the four companies “contribute lavishly to political campaigns,” and have lobbyists who correctly point out that “this is perhaps the most successful and innovative industry in American history.” On the other hand, he called the low taxes paid by the tech giants — and by Wall Street firms — their “Achilles’ heel.”

MacDailyNews Take: It’ll be very interesting to see the breakdown of political donations out of Silicon Valley this cycle given the Trump vs. Biden positions on corporate taxes, payroll taxes, global trade, China, and antitrust, to name just a few salient issues.

61 Comments

  1. This election comes down to wether you hate the USA and think it’s irredeemable (and needs “structural change”), or wether you love the USA and think that while it’s not perfect, it is at it’s foundation a great country. It’s a very clear cut choice.

    1. Agree if by “clear cut” you mean clear cutting natural resources, clear cutting international relationships, clear cutting peaceful protesters for photo ops, clear cutting the Constitution, clear cutting norms, laws, justice, decency, morality, truth, and the soul of the nation.

      1. Peaceful protestors? I bet you wouldn’t take your children, nieces, or nephews to “march” with the “protestors” in Portland, Seattle or Mpls when the foment was active there?

        The soul of those spectacles is as far from the Constitution, norms, laws, justice, decency, morality, and truth that we’ve seen in long, long time. What’s worse, some, including “leadership” are acquiescing and embracing the mindset that a little destruction of “things” is ok for the pursuit and achievement of principle desired. That’s a page right out of the Marxist manual for revolution.

        What’s troubled me from the beginning is who’s who and what’s what in respect to the goal. It all started because of an idiotic cop’s actions that remindied us the racial inequity is still alive in our country, but the means and ways to address the problem are missing the mark by astronomical measures. The “peaceful protestors” in Portland that are burning, breaking and blurting peacefully could give a flying F about truly addressing the racial problem. They’re just riding the back of a cultural deficiency to express their own discontent…in Marxist style.

        We’ve zoomed way past talking about Democratic Socialism and we’re now looking at the kind of socialism that’s radical leftist and very RED. If that’s acceptable REGARDLESS of any other choice currently on the docket, I’m afraid irrationality is driving the country’s bus.

        1. Having government forces imposed on the State against their democratic will. This seems like the perfect time for all those 2nd Amendment loving NRA types to come out guns blazing to fight against tyranny doesn’t it? ……or perhaps not because the ‘big Government’ in this case is ‘their Government’ isn’t it?

          1. No, Ritchie. Conflate much?

            Fed’s can act in a State if/when Federal Laws are being broken…in-spite of a State’s “will.” And, just for curiosity, why would anyone, or you–since it came out of your mouth, wish to maintain unsafe and lawless activity where you live? I bet you don’t live, or own a business in downtown P’land?

            Going ahead and make a ridiculous projection of supposed advocacy of “guns ‘a-blazing” by respecters of the 2nd Amendment. I bet you’re not aware of the their actual record on following the law? It’s quite good, fyi.

            1. It’s great to hear all the “conservative” voices here finally endorsing the federal response to Ruby Ridge and the BLM occupations.

            2. You can’t help yourself TxUseless. Putting words in people’s mouths again because you can’t argue NOTHING of point by point substance. Surprised you did not take your standard blanket statement “nothing you said is true.” Mock away, you are irrelevant…

          2. “Having government forces imposed on the state against their democratic will”

            Yeah that’s what we’ve been screaming about since 1860.

            -The South

          3. “Having government forces imposed on the State against their democratic will.”

            So, what you are saying is anarchist forces imposed on the will of citizens, destructions of property and assaults on federal buildings is PREFERABLE to you? More than federal agents sent in to supersede and mitigate the do nothing liberal mayors and governors that allow destruction while playing politics? Got it.

            “This seems like the perfect time for all those 2nd Amendment loving NRA types to come out guns blazing to fight against tyranny doesn’t it?”

            NO! I’m a proud NRA lifetime member and don’t appreciate your false and irresponsible stereotype. NRA gun loving members and others practicing their 2nd Amendment rights are not involved. What part do you not understand?

            Does cluelessness and leftist stereotypes come naturally or do you have to work at it?…

    2. There’ no greater hate of America than trumpf knowing the russians were placing cash bounties for killing American soilders and doing nothing about it. Then denying it and still has not publicly condemned russia or placed sanctions. Then there are the trumpf supporters knowing this and still supporting the GOP and trumpf. AMEN.

  2. America is not divided by race color, gender or sexual orientation.
    America is divided by wise people and idiots.
    And idiots divide themselves by race color, gender and sexual orientation. Democrats are millions of times more racist than Republicans.

    Who owned slaves? Southern Democrats.
    Who fought to end slavery? Republican.
    Who freed the slaves? A Republican.

    Who created gun control to keep blacks from owning guns? Democrats.

    Democrats created and fuel Antifa. ANTIFA Profile:

    Violent, unstable personal background
    Clear pattern of sociopathic activity
    Hard left (Communist) political ethos
    Unkempt physical appearance, featuring filthy black clothing, skin piercings, tattoos, foul odor.
    Perpetually non-productive, non-contributing. They don’t work. They parasitically subsist on government “welfare” and thievery.
    Extensive arrest/incarceration record. Hordes of these ANTIFA clones, manufactured by our leftist public “education/indoctrination” system, are “in-action” in all major US metro areas, Western Europe, and the UK. They’re bussed-around by sleazy, leftist politicians who use them to terrorize political opponents.

    They enthusiastically share a vile hatred of “everything West,” and a nihilistic goal of destroying all trappings of Western Civilization, history religion, economy, infrastructure.

    Being absolutely amoral (like the leftist politicians who support them), they are extremely dangerous and have no compunction about committing vandalism, theft, mayhem, murder!

    This is just one of hundreds of ways that Democrats are destroying this country. Nothing is beneath those pieces of shit. Only an idiot would vote for democrats.

    Pelosi, AOC, Omar, Waters, Schumer, Wilson and soooo many others.
    These people are vile, despicable and pathetic will do anything and everything to destroy this country and try to blame Trump for it in order to win elections.

    Collusion was a lie and Democrats knew it.
    Impeachment was a farce and Democrats knew it.
    Testimony against Kavanaugh was all lies and Democrats knew it
    Nothing is beneath those pieces of shit. Only an idiot would vote for democrats.

    EVERY voting anomaly favors Democrats. Coincidence? They lie, cheat and steal. They are frauds. Nothing is beneath those pieces of shit. Only an idiot would vote for democrats.

    Every major city is a cesspool and they are all run by Democrats. Democrats are letting their cities burn and business are allowed to be destroyed. There are no arrests and criminals are being let out of prison, they then persecute cops and prosecute honest Americans trying to protect their families. The openly support violent criminals and hate honest Americans. They are despicable pieces of shit. Only an idiot would vote for democrats.

    Democrats did everything they could to slow and stop aid to Americans during Covid. They continue to do so to destroy the economy so they can blame Trump to try to stop his unstoppable re-election. They don’t care how many Americans they hurt to do it. They are despicable pieces of shit. Only an idiot would vote for democrats.

    Democrats support illegal immigrants because thinking Americans don’t vote Democrat anymore. They steal money from the mouths of Americans to give to illegals.
    After 3.5 years and 40 contenders, Democrats picked a corrupt, racist, dementia patient????? Biden can’t form a single coherent sentence. Only an idiot would vote for him.

    Dems lie when they call Trump a racist, but they support Dementia Joe, who is a proven racist. Here’s just one proof, there are many more: https://www.snopes.com/fact-check/biden-racial-jungle-quote/
    How stupid can you people be?

    American are disgusted by the left’s lies, stupidity, threats and violence. Democrats are despicable pieces of shit. Only an idiot would vote for them.

    1. Every voting anomaly?
      Really?
      That’s rich coming from a fascist ideologue.

      There have been 5 Presidents* elected my MINORITY vote. Four were republicans and the first was before there was even a Republican Party you gerrymandering buffoon!

      1. Applecynic, you are a fucking idiot.

        TRUMP won the only votes that counted and by a landslide.

        Morons like you are the reason the left is known as libturds.

        Trump is what happens when you nominate the most lying, thieving, corrupt candidate in modern history.

        Trump 2.0 is what happens when you nominate a racist, corrupt, dementia patient.

        Americans thank you all you f’ing idiots for Trump 2.0!!!!!!!!!!!

    2. We have lost the street. We have lost the law. We have lost the courts. It’t time to admit that we have lost the country.

      A Trump re-election will be just a slight bump in the huge slide down. Well, its been a nice ride while it lasted.

      No one to blame except Demonrats.

      The next civil war will make the last one look like child’s play. You idiots have no idea what you will unleash.

    3. I assume you are aware that in Lincoln’s time, the Republicans were the liberal party. So to answer your questions:

      Who owned slaves? Southern Conservatives
      Who fought to end slavery? A liberal president.
      Who freed the slaves? A liberal president (who did not run as a Republican his 2nd term)

      1. “I assume you are aware that in Lincoln’s time, the Republicans were the liberal party.”

        Huh?

        “Who owned slaves? Southern Conservatives”

        Southern Democrats, there I fixed it for you.

        “Who fought to end slavery?”

        Republican Lincoln, duh?…

        1. I know it helps a lot if you are a Trumpist to know little or nothing about history, so it’s not surprising that you responded with “huh”. Political parties change over time, their names and their philosophies. In the 1860s, Southern Democrats = Southern Conservatives. Lincoln started out as a Whig, then ran as a Republican his 1st term, which was the liberal party at the time. His 2nd term, Lincoln ran as a National Unionist.

    1. You lie. Like most Democrats.

      It’s on Biden’s campaign website:

      Biden’s “climate and environmental justice” proposal will make a federal investment of $1.7 trillion over the next ten years, leveraging additional private sector and state and local investments to total to more than $5 trillion.

      The Biden “plan” will be paid for by reversing corporate tax cuts and ensuring corporations pay “their fair share…” (which actually means simply passing it on to consumers, raising everyone’s taxes even more).

      Blah, blah blah. Joe didn’t write it. AOC did. Joe is a feeble old man with debilitating dementia who needs staff to change his Depends.

      1. Those corporate tax cuts should be reversed!
        Corporate and Military Welfare are by far the most expensive things we pay for. Not only in money, but in life as well. How many wars and military operations have we funded to protect corporate interests?

        1. the corporate tax rate in China for companies that compete against the United States is 15%. The corporate tax rate in the USA is 21%. So you honestly think we should return the corporate tax rate to 35% like under the Obama/Biden administration and compete with China?

          Do you honestly think that’s a good idea to weigh down all USA businesses on the world stage? I agree with you that we waste money but wouldn’t it be smarter to correct spending instead of increasing the tax intake on businesses. Some companies do get “welfare” but if you follow the money you will see Democrats dish out as much free money as Republicans. Both parties funnel money to the companies that support their interest and districts …

          Remember USA businesses already face for more stringent regulations. And the lack cheap salve labor allowed by the CCP is a further crime against fare trade.

          Can you guys ever consider anything beyond party loyalty. The issue is complex and the solutions are difficult. But your basic idea is Blue team good, Red team bad. It seems regardless of the issue, some people only defend their team’s talking points no matter what independent common sense would advise. Low resolution thinking is dull.

          —————-

          Team Blue cheerleader chant

          “Corporate and Military Welfare are by far the most expensive things we pay for.”

          low resolution thinking bro but you look sweet in the uniform; nice legs 🙂

          Federal 2021 budget $4.829 trillion

          Mandatory Spending
          – $2.966 trillion (social security, Medicare, unemployment, welfare, ect)

          Discretionary Spending 1.485 trillion
          – 636 billion (military, homeland security, department of Veterans affairs ect)
          – 849 billion (Health and Human services, eduction and housing ect)

          deficit spending 966 billion

          the not related amazing thing is that apple’s stock value is greater than discretionary of the federal government.

          AAPL 380.16 = 1.648 Trillion

          1. PS- Blue team Bad, Red Team Deplorable. Destroy Red, repair or replace Blue.

            Companies in the end are opportunistic non-ideologues. They report to their Boards, not to the electorate. Their mission is to increase shareholder value, not manage society.

            Our obligation to them is to be fair, regulate in a focused and equitable fashion, and not have much political contact with them either way.

    2. Frank the Cat You will be happy to know that you are in good company. You are just as uninformed as the rest of the libturds. Get your head out of CNN’s ass

  3. Hal, I feel that you need counseling and medication. That and to take a respectable course in American History and Civics.
    Please stop, your embarrassing America.

            1. @Brad
              You can define, for your stupid little self, what constitutes an American, but it holds no water you ignorant moron. The Constitution wisely protects people’s rights from the likes of you.

            2. applecynic, Since you are a ignorant moron, I guess it needs to be spelled out for you.

              Unlike libturds, Americans do not want to destroy the country.

  4. “he called the low taxes paid by the tech giants”….Apple pays 24.6%. Facebook 25.5%.

    Alphabet pays 12%…someone explain that.

    Amazon pays 11% supposedly, but paid 1.2% in 2019. Nothing like the loss leader of selling goods at low or negative margins while you drive your competitors out of business.

  5. The Puppet Show Theater presents:

    The 2020 Presidential Elections

    Starring: Donald Trump, Joe Biden
    Co-starring: Wolf Blitzer, Tucker Carlson, Anderson Cooper,…..
    Sponsored by: Microsoft, Google, Boeing, Apple, Walmart…………..

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